Dubai sees big IPO in 2014/15
Last year, Al Habtoor Group, one of Dubai's biggest family-owned firms, postponed plans to raise as much as $1.6 billion.
March 5, 2013 2:29 by Reuters
ICD, which controls assets worth about 108 billion dirhams ($29.4 billion), will not unload any of its assets hastily, Shaibani said.
Dubai’s assets include stakes in the London Stock Exchange, U.S. advisory firm Perella Weinberg, Canadian entertainment group Cirque du Soleil and U.S. hedge fund Och-Ziff Capital Management.
“We won’t see any fire sale of assets and we don’t need to do so. Asset values are recovering and banks have taken no risk,” he said.
The technocrat, who began his career with Dubai Ports Authority before stints in Singapore andLondon, took the helm of the Ruler’s Court in 2008. His authority and influence rose in the wake of the credit crisis as he set about cleaning up Dubai’s books and embarked on a bid to stamp out corruption.
“As balance sheets get cleaned, companies need to generate more business. Banks will play a policing process. They’re smarter, more strategic and cautious now,” he said.
Recent plans for extravagant projects including the world’s biggest Ferris wheel, a replica Taj Mahalfour times bigger than the original and 100 new hotels have prompted concern.
But Shaibani said the emirate now had the maturity to achieve its goals sustainably. “We are much more sophisticated today than four years ago.”