Dubai Group’s ambitious investment plans

Dubai Group (DG), which is owned by UAE government investment vehicle Dubai Holding, has been on a spending spree this summer. It has purchased a 5.24% stake in one of Egypt’s largest banks, Commercial International Bank, for Dh580m ($157.9m). Egypt has attracted a number of investors from the Gulf looking to tap the potential of its largely underdeveloped financial sector. With the government not issuing new licenses, Gulf investors are left with no choice but to buy stakes in banks. DG chief executive Thomas Volpe said the group planned another four acquisitions before the year’s end.