Zabeel Investments has decided not to invest $1 billion in US hotels and instead will place more priority on finishing property projects in Dubai. Zabeel Investments executive chairman explained their focus is on investments and everything they do is in Dubai. Mohammad Ali Al Hashimi said “Right now, internationally, we do not have any intention of looking at anything.”
Al Hashimi said they are closely monitoring their current properties in Miami, Los Angeles, and New York, and will be ready to act quickly when the best deals are available. Al Hashim elaborated further, explaining they have been contacted by different companies on a regular basis, and that having the money (or not) was irrelevant given the current economic situation. Rather, “now is not the time to make more exposures”.
