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.