Temasek unit, Abu Dhabi fund said to plan sale of UAE firm Dunia

LONDON (Bloomberg) - Abu Dhabi fund Mubadala Development Co. and a unit of Singapore's Temasek Holdings are among shareholders exploring the sale of U.A.E. consumer finance company Dunia, four people with knowledge of the plan said.

The shareholders, which also include Abu Dhabi-listed Waha Capital PJSC and family-owned Arenco Group, are seeking to hire a financial adviser for the sale shortly, according to the people. A full sale of Dunia may fetch about US$500 million, two of the people said, adding a formal process was yet to begin.

Dunia may attract local and international firms seeking to tap into the U.A.E.'s economic growth. The company offers a range of financial products and services from loans, to credit cards, deposits for non-individual customers, and finance for small businesses, according to its website.

Dunia is run by former Citigroup banker Rajeev Kakar, who is also regional CEO of the Central Eastern Europe, Middle East and Africa region for Fullerton Financial.