Manafa, a leading holdings company and investment house in the Middle East, has sold its stake in Arabian Explorers, a Dubai-based destination management company, to the Azal Group.

Sheikh Mohammed bin Faisal Al Qassimi, chairman and chief executive, said: "The sale of Arabian Explorers reflects our readiness in redirecting our investments into another industry. This facilitates the overall growth of the UAE economy and also the returns of our shareholders”.

The transaction closed last week, capping months of positive discussions between the two companies, said a statement.

With a strong understanding of the local culture and a rapid developing business environment, the company's operations extend across a wide range of industry sectors such as real estate, hospitality, tourism, trading, energy and resources, private equity, marketing and event management.

Aside from tapping opportunities in new and existing industries, Manafa partners with entrepreneurs who have proven track record, innovative ideas and the ability to demonstrate sustainable growth. - TradeArabia News Service