Dubai Ruler's Fund Invests in Sony

Stake is likely in the range of $500M to $1B
By Sam Gale Rosen,  Newser Staff
Posted Nov 26, 2007 4:53 PM CST
A PlayStation 3 console from Sony is shown in New York in this Feb. 22, 2007 file photo. (AP Photo/Mark Lennihan, File)   (Associated Press)
camera-icon View 5 more images

(Newser) – The fund owned by the ruler of Dubai has bought what it calls "a significant stake" in Sony, Dubai International Capital announced today. DIC hasn't let on to how large the investment is, reports the Financial Times, but said today, "we typically take positions of $500m-$1bn." Any investment larger than 5% would have to be reported to the Japanese government.

"We are happy that the DIC has recognised the strength of the Sony brand," says Sony CEO Howard Stringer. DIC is owned by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and the Prime Minister and Vice President of the United Arab Emirates. The fund is trying to diversify its holdings away from Europe, the Financial Times reports.