What’s new: Dubai Islamic Bank (DIB) said that it has received a letter of intent from a consortium led by Jordan’s Bank Al Etihad in buying MESC Investment. DIB owns a 40% stake in MESC Investment and MESC owns a 52% stake in Jordan Dubai Islamic Bank. According to a source cited by the press report DIB is aiming to withdraw from some markets such as Jordan as it aims to cut costs.   Our take: We believe the benefit from the sale of this stake to DIB’s capital adequacy and profit should be modest. As of 2015, Jordan DIB had a book value of JOD134 million (AED694 million), so the book value of DIB’s 20.8% stake amounts to AED144 million. DIB’s core capital amounted to AED11.8 billion as of 2015 and it reported a net profit of AED3.6 billion.  (Reuters, Shabbir Malik, Murad Ansari)