Dubai Infinity Holdings was set up by a group of "prominent local investors" and will focus on "information technology, education, healthcare, lifestyle, real-estate, and entertainment sectors in the region," WAM said without giving further details.

Dubai, which is one of seven emirates that makes up the United Arab Emirates, is busy expanding its portfolio of foreign assets.

Government-controlled or backed firms and investment funds have chased strategic targets such as European aerospace giant EADS, owner of Airbus, in which Dubai International Capital bought a 3.12-percent stake.

Another target was the upscale Barneys New York retail chain, which Dubai investment company Istithmar wrested from a rival Japanese bidder.