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Dubai Group to Focus on MENA Region

DUBAI — Dubai Group, an investment arm of Dubai government, will focus more on the Middle East and North Africa (MENA) region, said Group CEO Thomas S. Volpe.

“We are tightening the investment strategy with more focus on MENA region and US real estate market while Asia is less important at the moment,” said Volpe on the sidelines of at Arab-Americas-Asia-Africa Business Summit 2009 in Dubai.

“The US economy will start its recovery towards the end of 2009 and other markets would follow. The group would probably start making investments at this time, he said and added: “The group has traditionally made investments in North Africa, but now it is looking at MENA region to reach to sub-Saharan Africa.

Recently Moody’s Investors Service said it was considering downgrading its debt ratings of six Dubai companies, including DP World and Emaar Properties due to the escalating global financial crisis. The credit rating agency said it could lower its debt and Islamic bond, or sukuk, ratings for the six firms, all linked to the Dubai government, by as much as two notches each following a review in the coming weeks.

Volpe said the company would take advantage of its Dubai base to maintain a competitive and sustained advantage by investing in the MENA region, where it was actively seeking investment opportunities and had several deals in the pipeline. “We have deals in the pipeline, but we are not closing anything in coming months,” he said.