27.02.2008  Zabeel Investments, the Dubai-based private equity and property developer managing $5 billion, plans to buy real estate in the U.S. after a mortgage crisis pushed prices lower, its executive chairman said. ``We'll look at key large cities in the U.S., that's where we see potential,'' Mohammed al-Hashimi said in an interview late yesterday. ``There are definitely more opportunities for investors than there were a year or two ago.'' Closely held Zabeel yesterday said it bought half of Las Vegas-based hotel management and entertainment company The Light Group for an undisclosed sum to begin its expansion into the U.S. The Light Group will manage the Harmon Hotel in Las Vegas, which MGM Mirage is building with partner Dubai World. Zabeel joins Gulf state investment companies Istithmar PJSC, Investment Corporation of Dubai and Qatar Investment Authority that said in the last three months that they see opportunities to buy U.S. real estate cheaply. The worst U.S. housing recession in 25 years has hurt bank earnings, resulting in tighter credit and slowing economic growth. Sales of existing homes fell 13 percent last year, the biggest slump in 25 years, and prices dropped 1.8 percent, the first decrease since records began in 1968. Last year Zabeel co-invested with Dubai International Capital LLC, whose investors include Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, when the investment company bought shares in European Aeronautic Defence & Space Co. and Sony Corp. / Source: Bloomberg Возврат к списку новостей