Wednesday, February 24, 2010

Ajman Bank plans real estate fund

Ajman Bank plans to launch a real estate fund to purchase assets towards the low income group in the UAE, revealed its Deputy CEO, Ali E Alshaqoosh Al Mueen.

The Bank will get necessary approval to launch a property fund from the regulatory body. The size of the fund is yet to be finalized, but the bank will contribute seed capital to the fund. There are good opportunities in the property sector targeting the low income segment now, Al Mueen said.

The bank will also focus on financing the domestic market, as it considers the UAE as a safer and high-potential market for returns, Ali said, and added that the Bank's strategy has now been reset to focus more on domestic market. So, although there are few deals signed overseas, the opportunities in the local market are more secure and rewarding, than going overseas.

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