DIC plans asset increase to $25bn

The investment agency owned by the ruler of Dubai plans to increase its assets under management to $25 billion over the next two years, and to shift its focus toward emerging markets.

Dubai International Capital, the $13 billion Dubai state-owned investment agency, said on Monday it plans to double its assets under management over the next two years to $25 billion, according to Reuters.

The firm, which is owned by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, has recently been a high-profile potential bidder for the British soccer club Liverpool FC, which would give it control of a very prominent piece of real estate. Over the past year it invested $4 billion in three European companies.

In April the company said it would be shifting its focus away from Europe and North America and toward emerging markets such as China and India, anticipating that such markets would make up 30 percent of their investment portfolio.

In March the firm acquired a significant stake in Singapore-based fitness center company True Group, which runs a chain of fitness, yoga and spa facilities across Southeast Asia. The chain operates 17 outlets with 500,000 square feet of space and 70,000 members in Singapore, Malaysia, Thailand and Taiwan. It was Dubai International apital’s first private equity deal in Asia, made by its $2 billion Global Strategic Equities Fund.