Tag Archives: dubai
Dubai Ready to Launch $500 Million Property Fund
Dubai Ready to Launch $500 Million Property Fund By WPC Staff | May 9, 2013 11:34 AM ET A $500 million investment fund targeting distressed and stalled properties in Dubai should be operational by the end of the year, according to the fund’s chief executive. Investment Corporation of Dubai (ICD), one of Dubai’s sovereign wealth funds, and Canada-based Brookfield Asset Management originally announced the formation of a $1 billion fund in 2011. The fund, described as the first of its kind to focus on Dubai, was promoted as a way to inject new liquidity into the market. Now fund chief executive Douglas Kirkman says the fund should be ready to launch by summer and capitalized with $500 million by the end of the year. “Right now we are dealing with the license at the DIFC [Dubai International Financial Centre]… If you mean launch as in active marketing and legally able to do it, we will hit that point right before Ramadan,” Mr. Kirkman told Arabian Business . “At that point we can formally launch and market [the fund].” The fund has capital available and hopes to finish raising funds by the year, with $500 million the new target. ICD and Brookfield have each committed $100 million to the fund. Brookfields says it will move employees to Dubai to run the fund. Dubai’s residential property market has been showing signs of recovery in recent months, but the office market is still struggling, particularly “strata” buildings with multiple owners. “We are a believer in the Gulf and a believer in the MENA (Middle East and North Africa) region,” Mr. Kirkman told Arabian Business. “As a launch pad into the rest of that area we believe this was an excellent starting point.” Continue reading
Fund Advisers: Dubai International Property Show 2013
Fund Advisers are a regulated, independent financial advisory wealth management brokerage. We are fully regulated within the territories where we have perman… Continue reading
Another impressive hotel lined up for Dubai Marina
Yet another impressive hotel is being built in the immensely popular Dubai Marina.A number of recent studies have shown the largest man-made marina on earth is a firm favourite among property investors and some of the world's leading hotel chains have erected towering buildings in the exclusive area.The latest firm to do so is the Wyndham Hotel Group, which has outlined plans for an attractive 33-storey building that will cover nearly 6,800 sq ft. The complex will feature 497 guest rooms, 251 luxurious suites and almost 2,500 square feet of spa and leisure facilities.Wyndham has struck a deal with Sigma III Limited – a subsidiary of The First Group – to manage the hotel and it is expected to open within the next three years.Although the organisation has an incredible 7,380 hotels around the world, this will be its first foray into the lucrative UAE market and president and chief executive officer of the company Eric Danziger is excited about the venture.”We're very excited to be bringing our namesake Wyndham Hotels and Resorts brand to Dubai, following its successful introduction to the region through the spectacular Wyndham Grand Regency Doha,” he remarked.”I have no doubt that Wyndham Dubai Marina will be another superb addition to the brand, which we are already growing in key cities throughout the Middle East.”Wyndham is also set to launch two other Gulf-based hotels – the Wyndham Grand Manama and Wyndham Grand Riyadh – which should both be ready by the end of next summer.It is certainly a good time for investors to be exploring the Middle East's hospitality sector, as the number of people visiting destinations in this part of the world continues to rise sharply.Dubai is a particularly lucrative market, with TRI Hospitality Consulting recently reporting that hotel occupancy rates in the city reached 89.8 per cent in March 2013. This was a 2.3 per cent upturn on the corresponding month in 2012 and is a clear indication that the sector is heading in the right direction.The First Group can help you find properties for sale in Dubai Continue reading
