Dubai to close Sheikh’s buyout firm that held US$13bil

DUBAI: Dubai International Capital LLC, the ruler’s buyout firm that held stakes in companies from Merlin Entertainments Plc to US hedge fund Och-Ziff Capital Management Group LLC and tried to buy Liverpool Football Club, is closing down after restructuring US$2.5bil of debt, according to people with knowledge of the matter.

Dubai International, set up in 2004 as an international investment arm of Dubai Holding LLC, is dismissing staff and closing its offices in the city’s financial district, the people said, asking not to be identified as the matter is private. The company plans to sell its stake in UK-based engineering firm Doncasters Group Ltd in the next few months to repay almost US$1bil to creditors before halting operations, the people said.