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Dubai World Pulls Out of Russia OGK-1 Deal-Source - ASHARQ AL-AWSAT English Archive
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MOSCOW, (Reuters) – The Dubai government’s sovereign wealth fund, Dubai World, has pulled out of a $5.3 billion deal to buy control of Russian power firm OGK-1 due to poor market conditions, a source close to the deal said on Monday.

“The investor (Dubai World) is not ready to put in money under the market conditions we’re seeing now,” the source said.

A spokeswoman for Dubai World, which guaranteed $100 million in July towards the acquisition of the electricity generator, said it could not immediately comment.

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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