Dubai International Capital, the international investment arm of Dubai Holding, has clarified that it has expressed an opinion on the investment merits or financial condition of Citi.

"Dubai International Capital has never expressed an opinion on the investment merits or financial condition of Citi. Further, we have not been privy to any non-public information about the company, neither has Citi approached Dubai International Capital for a capital raise,” DIC said in a statement.

The clarification follows a report that quoted Sameer Al-Ansari, chief executive officer of DIC, as saying it would take 'a lot more money' to rescue Citigroup following investments from Abu Dhabi, Kuwait and Saudi Arabia's Prince Alwaleed.

He was responding to a question by Reuters, according to the agency’s report.

“Dubai International Capital maintains an ongoing relationship with Citi and has substantial respect for the company," the DIC statement added. – TradeArabia News Service