Fukuoka, Japan:  Dubai International Capital LLC, the asset management firm with more than $12 billion, said any investments made in 2008 will be in Asia, where economies may expand faster than the global average this year.

The firm has earmarked $5 billion over the next two to three years for Asia, especially China and India, Sameer Al Ansari, the company’s chief executive officer, said in an interview in Japan’s Fukuoka prefecture. Cash is the best option for now as private equity deals have come to a halt in Europe and in the US, he said.

Dubai International has bought stakes in ICICI Bank Ltd, HSBC Holdings Plc and Sony Corp, as the emirate seeks to diversify its sources of income away from real estate and oil.

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