A Hong Kong-based investment firm is planning to launch a $250 million (Dh918.25m) investment fund aimed at companies in Dubai.
First Eastern Investment Group will supply $50m to get the fund started while seeking further capital from investors who hope to cash in on a rebound in the Gulf city state, the Financial Times said.
First Eastern's Chairman Victor Chu said the fund would invest in businesses with regional interests, including the shipping, oil and hotel industries. "We want to support sustainable businesses connected to Dubai as a trading, logistical and financial centre," he said. "We would use our contacts to help them expand in China and across Asia."
Chu could not be immediately reached for comment.
Companies from the Chinese province of Wenzhou are planning a trip to Dubai next month to invest in assets as the market starts to stabilise, but local brokers report that wholesale transactions are still rare as sellers have been unwilling to lower their offers to reasonable levels.
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