Zabeel shelves plan to invest $1bn in US hotels

Zabeel Investments has shelved plans to invest $1 billion (Dh3.67bn) in US hotels and will rather prioritise on the completion of its property projects in Dubai, Emirates Business has learnt.

"Our focus today is our investments and everything that we do is in Dubai," said Zabeel Investments Executive Chairman Mohammed Ali Al Hashimi in an interview. "Right now, internationally we do not have any intentions at looking at anything.

"First, because I think recovery will take much longer and second, the priority for us is our economy."