Dubai Holding said to purchase stake in Zara’s Middle East operator

An Emirati man looks out from the Dubai Creek Habour Development towards the Burj Khalifa tower, center, and other skyscrapers in Dubai, United Arab Emirates, on Monday, June 18, 2018. Photographer: Christopher Pike/Bloomberg

Dubai Holding LLC, the investment firm owned by the emirate’s ruler, agreed to acquire a minority stake in the operator of Zara clothing and Virgin Megastore chains in the Middle East, according to people with the matter.

The stake purchase in Beirut-based Azadea Group values the business at more than $1 billion, the people said, asking not to be identified as the matter is private. The two parties reached an initial agreement on the transaction last week, the people said.

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