SWF Radar DIC

Euromoney writes (subscription required) that, “The credit crisis could leave in its wake rich pickings for Middle East sovereign wealth funds. But what about private-equity-style government groups that rely more on leverage to fund their investments? Some observers now expect substantially less noise in the international markets from such operations as Istithmar, which is part of state-owned conglomerate Dubai World; and Dubai International Capital (DIC), which is part of another conglomerate, Dubai Holding. Even Qatar Investment Authority, a more conventional sovereign wealth fund, will be slightly more subdued, according to some analysts, as its investment model includes leveraged buyouts.”

TechCrunch reports that, “Sources have told us that Facebook CFO Gideon Yu was in Dubai this week, possibly meeting with Dubai International Capital, exploring fundraising options. U.S. investors, including VCs and hedge funds, aren't interested or aren't able to invest at the valuation Facebook expects. That leaves Sovereign Wealth Funds as the only viable funding solution.”

The WSJ’s Deal Journal has posted and interview with David Smoot, Dubai International Capital’s (DIC) new private equity chief.

The introduction to the interview states that DIC does not consider itself to be a sovereign wealth fund as it manages the private money of Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, not state or government money.

Bloomberg reports that, “Dubai International Capital LLC, the asset management firm with more than $12 billion, said any investments made in 2008 will be in Asia, where economies may expand faster than the global average this year.”

AltAssets reports that, “Dubai International Capital has appointed David Smoot, co-founding partner of Morgan Stanley Private Equity, as managing director, private equity.”

Emirates Business 24/7 writes that, “Sovereign wealth funds are turning to emerging markets as a safe haven away from heightened political scrutiny and lacklustre returns in Western markets, according to [Anand Krishnan, chief operating officer at] Dubai International Capital (DIC).”

ArabianBusiness.com writes that, “Dubai International Capital (DIC), a UAE based private equity house that manages $12 billion, has avoided two transactions in June that ran the risk of political opposition in the US, newswire Bloomberg reported on Wednesday.”

Financial News reports (subscription required) that, “Dubai International Capital has become the first Middle Eastern firm to become a member of the British Private Equity and Venture Capital Association [BVCA] in a move that could lead to a flow of state-backed firms joining the UK trade body.”

Thomson Reuters reports that, “Dubai International Capital (DIC), a $13 billion investment agency owned by the ruler of Dubai, said on Monday it plans to double its assets under management over the next two years to $25 billion.”

Emirates Business 24/7 writes that, “[The Abu Dhabi Investment Authority] has appointed, for the first time ever, a head of global communications to oversee the tricky, but essential job of managing Adia’s relationship with the world’s media. Euart Glendinning, who is just getting his feet under the desk in Abu Dhabi, is a communications professional of the highest calibre, coming from London after 11 year’s experience as head of Morgan Stanley’s European and Asia communications unit.”

This comes less than two weeks after Dubai International Capital (DIC) appointed Mark Lunn as managing director, corporate communications.