Two government funds in the United Arab Emirates denied on Monday they were looking to acquire either Jaguar or Land Rover, the British luxury car brands of U.S. automaker Ford.

Britain's Observer newspaper said on Sunday Mubadala Development Co., owned by the government of Abu Dhabi, and Dubai International Capital had asked bankers to prepare bids for one or both of the Ford units. The report did not cite sources.

We are not considering either, Mubadala's chief operating officer, Waleed al-Mokarrab al-Muhairi, said.

A Dubai International Capital spokeswoman also denied the report.

Ford said on Friday the company was continuing to evaluate everything with regard to Land Rover and Jaguar, and declined to comment on whether it had received indications of interest from potential buyers.