MAF Ventures plans new portfolio company

Majid Al Futtaim Ventures, the investment arm of MAF Holding, plans to set up a new greenfield establishment that will complement its shopping malls business, its chief executive said on Monday.The Dubai-based firm, which operates the leisure and entertainment services for its parent firm, also has no immediate plans to exit any of its investments."We have plans to set up a new company, a greenfield establishment, that will complement our existing portfolio of companies," Ahmed Galal Ismail told reporters on the sidelines of a private equity conference in Dubai. He gave no further details on the new company or how much capital would be invested into it.MAF Ventures has six companies in its portfolio currently, two of which were acquired in the last six months.MAF Holding put aside plans for a bond sale in July due to poor market conditions but later raised a $1 billion loan to refinance its debt.