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Dubai Fund Not in Talks to Sell Barneys -Dubai World - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Dubai government investment agency Istithmar World is not in talks to sell U.S. luxury retailer Barneys New York Inc, Sultan Ahmed bin Sulayem, chairman of Dubai World, of which the agency is a unit, said.

“We have not announced nor [sought] anybody regarding Barneys,” bin Sulayem told reporters at the opening of port container operator DP World’s new terminal in Djibouti.

Last month, Bloomberg reported Istithmar World may sell Barneys, less than two years after buying it as the fund struggles with losses and the luxury market slows.

Bloomberg said Istithmar did not want to sell the business for less than the $942.3 million it paid for it in 2007, and that the state-owned fund had had calls from potential buyers and would sell its entire stake.

Istithmar World is a unit of state-owned Dubai World and one of the investment agencies established by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum to invest the emirate’s wealth abroad.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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