December 4, 2007, 1.57 pm (Singapore time)
Dubai World to sell US, UK properties and buy in Asia
SINGAPORE - Dubai World, the investment holding firm of the Dubai government, plans to sell some of its properties in London and New York next year and raise its Asian investments, a top executive said on Tuesday.
'Currently, we are slightly too heavily weighted in the States and in Europe. We want to balance the portfolio slightly more towards Asia,' Yu Lai Boon, the group's chief investment officer, told Reuters at the sidelines of a briefing in Singapore.
Dubai World has teamed with Singapore developer City Developments and Israeli property firm Elad Group to invest in a retail and hotel complex in downtown Singapore costing up to $2.5 billion (US$1.7 billion).
Mr Yu said Asia was 'slightly more robust' in terms of withstanding the effects of the US sub-prime mortgage crisis, particularly a tightening in global credit.
The group, which has a multi-billion global portfolio that ranges from British port operator P&O to New York luxury retailer Barneys, has about US$20 billion in real estate assets around the world outside of Dubai.
Dubai World, which invests via subsidiaries Nakheel and Istithmar, also has stakes in Thai developer Raimon Land and US casino firm MGM Mirage. -- REUTERS
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