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Dubai Investments to Pay About $41 Million for Al Mal Stake

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Dubai Investments PJSC, the company with interests in real estate and manufacturing, will buy a 60 percent stake in investment bank Al Mal Capital PSC as part of a plan to boost financial services assets.

The company will pay about 150 million dirhams ($41 million) for the stake and expects to complete the purchase by March 15, Chief Executive Officer Khalid Jassim Kalban said in a phone interview from Dubai today. Al Mal will help manage the about 3 billion dirhams of Dubai Investments’ financial assets, some of which is currently done by third parties, he said.