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ABU DHABI (Zawya Dow Jones)--Aldar Properties, the U.A.E.'s second largest property developer by market value, said Tuesday it plans to launch real estate funds in the coming months.
"We're planning to launch the funds in the next nine to 12 months," Ronald Barrott, Aldar chief executive told Zawya Dow Jones on the sidelines of an Abu Dhabi property exhibition.
Aldar plans to launch four real estate investment funds - one for each of retail, office, residential and hotel property - that will provide exposure to the emirate's booming property market.
"Under each sector we'll launch a series of funds which will be multibillion dollar," he said.
Barrott said the developer is also eyeing real estate opportunities in the wake of the global economic slowdown.
"I'm watching the markets and if the right opportunity appears we'll consider it. The opportunities are going to be in companies in Europe and America."
Real estate companies in the Persian Gulf region, riding an economic boom fueled by high oil prices, have been largely untouched by the signs of stalling growth and recession in the U.S.
-By Stefania Bianchi, Dow Jones Newswires, +9714 364 4967 Stefania Bianchi@dowjones.com
Copyright (c) 2008 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
May 13, 2008 08:07 ET (12:07 GMT)
