DIC sells Ishraq Dubai to Almulla Group
Dubai International Capital (DIC), the private equity arm of Dubai Holding, has sold hotel operator Ishraq Dubai to diversified firm Almulla Group.
DIC said the disposal is part of its drive to cut its $2.6bn debt.
Ishraq Dubai owns four hotels in Dubai operating under the franchised Holiday Inn Express brand; these are located in Al Safa, Dubai Internet City, Jumeirah and Dubai International Airport Terminal 3.
Almulla Group chairman Saeed Almulla said the acquisition is in line with the company's strategy to diversify its current hospitality portfolio to include a budget hotels category.