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Dubai World pulls out of $5.3b Russian deal

Moscow, September 23, 2008

The Dubai government's sovereign wealth fund, Dubai World, has pulled out of a $5.3 billion deal to take control of Russian power firm OGK-1 due to poor market conditions, a source close to the deal said on Monday.

'The investor [Dubai World] is not ready to put in money under the market conditions we're seeing now,' the source said.

A spokeswoman for Dubai World, which guaranteed $100 million in July towards the acquisition of the electricity generator, said it could not immediately comment.-Reuters




Tags: Dubai World | Russian | pull out | OGK1 |

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