Markaz eyes sinking Reem developers

The Kuwait Financial Centre, also known as Markaz, plans to invest US$50m (Dh183.6m) in distressed property projects in Abu Dhabi, a senior executive said last week.

The arrival of Markaz in Abu Dhabi appears to mark the first time a major investment firm has targeted distressed property in the emirate. Several similar funds have already formed in Dubai, where the property downturn has been more severe.

“Prices have corrected to attractive levels now in Abu Dhabi,” said Bassam al Othman, senior vice president of property development at Markaz, one of Kuwait’s largest investment firms. “We are looking at distressed developers who have spread themselves too thin with their equity.”