18 May 2009
Zabeel Investments has shelved plans to invest $1 billion (Dh3.67bn) in US hotels and will rather prioritise on the completion of its property projects in Dubai, Emirates Business has learnt.
"Our focus today is our investments and everything that we do is in Dubai," said Zabeel Investments Executive Chairman Mohammed Ali Al Hashimi in an interview. "Right now, internationally we do not have any intentions at looking at anything.
"First, because I think recovery will take much longer and second, the priority for us is our economy."
Al Hashimi told this newspaper in May last year that the firm was closely monitoring existing properties in New York, Los Angeles and Miami, as well as other US locations and that they would be ready to jump at any opportunity once the best deals are on the table.
"We are being contacted by various companies on a regular basis but we don't entertain anything. Whether you have the money or you haven't got the money - given the current scenario... now is not the time to make more exposures," he said.
Meanwhile, the property and private equity investor with a $6bn asset portfolio is planning to launch a $30 million fund this year to set up four to six restaurants in Dubai and London. The outlets will be managed by Light Group, a US hospitality management company owned 50 per cent by Zabeel.
"The plan is to have everything raised before the end of the year and to kickstart everything immediately after that," Al Hashimi said. "The priority for us is Dubai, however if we feel that there is an opportunity in the GCC, we will do it. At the moment we see opportunity in Dubai and in London."
Zabeel Investments has shelved plans to invest $1 billion (Dh3.67bn) in US hotels and will rather prioritise on the completion of its property projects in Dubai, Emirates Business has learnt.
"Our focus today is our investments and everything that we do is in Dubai," said Zabeel Investments Executive Chairman Mohammed Ali Al Hashimi in an interview. "Right now, internationally we do not have any intentions at looking at anything.
"First, because I think recovery will take much longer and second, the priority for us is our economy."
Al Hashimi told this newspaper in May last year that the firm was closely monitoring existing properties in New York, Los Angeles and Miami, as well as other US locations and that they would be ready to jump at any opportunity once the best deals are on the table.
"We are being contacted by various companies on a regular basis but we don't entertain anything. Whether you have the money or you haven't got the money - given the current scenario... now is not the time to make more exposures," he said.
Meanwhile, the property and private equity investor with a $6bn asset portfolio is planning to launch a $30 million fund this year to set up four to six restaurants in Dubai and London. The outlets will be managed by Light Group, a US hospitality management company owned 50 per cent by Zabeel.
"The plan is to have everything raised before the end of the year and to kickstart everything immediately after that," Al Hashimi said. "The priority for us is Dubai, however if we feel that there is an opportunity in the GCC, we will do it. At the moment we see opportunity in Dubai and in London."
By Karen Remo-Listana
© Emirates Business 24/7 2009
