State-owned conglomerate Dubai World is looking to acquire further real estate...
State-owned conglomerate Dubai World is looking to acquire further real estate in the United States and Europe, where the global credit crunch has hit prices, the company's chief investment officer said on Tuesday.
Yu Lai Boon told newswire Bloomberg that Dubai World was eyeing "opportunistic" purchases, favouring retail properties, followed by logistics and infrastructure property, hotels, and offices.
Yu said the time to buy was now, since real estate prices had already corrected substantially and could fall a further 10 to 20 percent.
"Now is the time to buy... but you can't wait for the bottom. By then, the trophies may not be there," he was quoted as saying.
Yu said the US and Europe had most of Dubai World's external investments, but that the company would continue to look at Asia for opportunities.
He said Dubai World intends to invest about $50 billion into projects in Asia, especially India and China, over the next 10 to 15 years.
