Dubai's Zabeel cautious on foreign expansion

zoom

Zabeel Capital, a unit of the investment firm, has a 3.6 billion dirham ($980.1mn) portfolio. (Getty Images)

Dubai's Zabeel Investments, an investor in Sony and planemaker EADS, said it will act cautiously on developing its portfolio outside the UAE in 2009 as a result of the global financial crisis.

"From a UAE perspective, we are moving ahead as planned; however outside our borders we are taking our time to consider the opportunities available, and ensuring that we don't take on overvalued prospects," Mohammed Ali al-Hashimi, the company's executive chairman, said in a statement on Saturday.

Zabeel Capital, a unit of the investment firm, will continue to look at local and international opportunities in line with its 2008 strategy and building on its existing 3.6 billion dirham ($980.1 million) portfolio, he said.

"We looked at a number of opportunities during 2008, however with the anticipated shift in the markets, we could see that we would get better value for our money if we were to wait."

Zabeel Properties, the group's property arm, will deliver two developments in 2009 in Dubai.

"From the outset, we were determined to keep our 18 billion dirham property portfolio focused on Dubai and on the high end luxury segment, which has proved a prudent one," Hashimi said. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM