Virgin Reported in Talks with Dubai

by Jarrett Martineau | April 1, 2008 at 09:42 pm

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In another savvy business move, Richard Branson is going where the money is: to see if Virgin can obtain investment from wealthy Dubai investors.

Virgin Group has held informal talks with Dubai International Capital (DIC) about securing investment backing from the $12 billion (6 billion pounds) sovereign wealth fund, the Times reported on Wednesday, without citing sources.
Possible financial support for Virgin could come from a sale of a stake in Virgin Active, which runs health clubs, or a mobile phone joint venture in the Middle East, the newspaper said.

A group of Virgin executives is understood to have visited Dubai recently to meet DIC officials to discuss potential deals, the newspaper said.