DIC, which is owned by the ruler of Dubai, did not disclose a value for the deal.
Ishraq Dubai owns four hotels in Dubai operating under the Holiday Inn Express franchise, and Almulla, which also has interests in healthcare, real estate and banking, has a portfolio of major hotels in the emirate including the Ritz Carlton Dubai, Sheraton Dubai Creek Hotel & Towers.
DIC has exited some of its investments recently. In March, it sold its 45-percent stake in valve maker KEF Holdings Inc for $178 million and in June, DIC's Jordan Dubai Capital sold its stake in Jordan's Central Electricity Generating Company.
DIC's assets include UK hotel chain Travelodge, Doncasters and European aluminum maker Almatis Holdings BV.
Dubai Holding holds a substantial portfolio of brands in the property and hospitality sectors, organized under three main groupings: Dubai Holding Commercial Operations Group (DHCOG), Dubai International Capital and Dubai Group.
