Cayman’s Mayfair launches UAE distressed prop fund

| 04/08/2009

(Yahoo News): A Cayman Islands-based wealth management firm has launched a $50 million shariah-compliant distressed property fund in the United Arab Emirates to tap into the country’s suffering real estate sector. Mayfair Wealth Management expects the fund to deliver an annual return of 12-15 percent by way of leasing and rental income, the firm said in a statement on Tuesday. "We have identified a significant opportunity that stems from the slowdown in the UAE property market, one that will breath new life to undervalued but potential-laden projects in the country," said Amani Choudhry, the firm’s chief executive.

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