Zabeels Focus Is On Us Real Estate
May 27th, 2008, 4:05 am Teen Hobbies
Zabeel Investments, which bought 50 per cent of the US-based Light Group in February, is still keeping a close eye in the United States market. With $1 billion (Dh3.67bn) earmarked for acquisitions, the company is ready to seize further opportunities.
In this exclusive interview with Emirates Business, Executive Chairman Mohammed Ali Al Hashimi says there is more opportunity in the US than anywhere else in the world.
“What is happening in the US is a temporary thing,” said the 35-year-old former CEO of Amlak Finance. “The window of opportunity is open there.”
However, he believes Europe is too expensive. He said: “Europe is something we would like to do but I think it’s not the right time.”
I think there is more opportunity in the US today than the rest of the world. What’s happening in the US is a temporary thing that is why we are keeping a close eye because I think the window of good opportunity is there. That window is open at the moment and I think it can open a little bit more. But then it’s going to shut and that is why we are choosing the right timing.
I do see the US market dropping a little further. I don’t think we’ve seen it bottom out yet, particularly when you are talking about good prime assets.
Maybe the lower assets have already hit the bottom but we are still looking at relatively high-end assets and in premier locations. We’re really paying attention now so that if something comes along tomorrow we’ll be able to make a move. We are doing a lot of homework and research as we’ll not say ‘we are ready to come and buy as we have all this money sitting behind us’ and buy anything we can find.
These are the primary places we’re looking at as they are the major cities in the US where we feel we want to be. There are others that will come along. We have people out there and they are looking and sourcing various locations. But we want to make sure that it’s done very quietly and carefully.
Tags: 1 billion, acquisitions, al hashimi, assets, emirates, executive chairman, homework, lace, light group, major cities, mom, paying attention, relat, rest of the world, right time, temporary thing, united states market, window of opportunityRelated posts
