Dubai at any price?

Och-Ziff has tapped the latest bubbling fountain of cash - investment groups affiliated with the governments and ruling families of Middle Eastern states. Dubai International Capital, controlled by the emirate’s ruling family, is spending $1.26bn on a 9.9% stake in the hedge fund group run by Danny Och, roughly doubling the amount of capital it was expecting from its planned IPO. DIC may be investing for long-term strategic reasons, but at first sight the fund manager seems to be getting the bet...