IslamicFinance.de

Dubai real estate developer Deyaar will launch a series of funds of up to AED 1 bn to buy distressed debt, including its own, as it looks to boost returns for shareholders, reports John Irish on Reuters.

Its first AED 500 million fund is about 60-70 % subscribed by a mix of local and overseas investors and would buy back properties on which investors have defaulted from Deyaar's own portfolio according to the CEO, Giebel.

Deyaar will rent out the units to provide cash flow for the company before selling them once the Dubai property market recovers.