Morning round-up: Abu Dhabi Finance mans up

Abu Dhabi Finance

was launched only eight months ago, but it has already emerged as one of the biggest lenders to home buyers in the capital

, The National reports.

Philip Ward

, the chief executive, said yesterday that he believed the company was in the top two or three mortgage finance companies in Abu Dhabi with a 20 to 25 per cent market share. The company has received applications of Dh770m, of which Dh600m have been approved.

A new fund focusing on distressed property investments is starting up

, which analysts say is further proof that the market is reaching the bottom of the downturn. The US$50m fund from

Mayfair Wealth Management

will invest in completed and near-completed properties, including resales and rentals. See also The National's previous stories about distressed funds

here

and

here

Investors in the Arabian Tower project in Dubai are claiming that they have a big enough majority to have the project cancelled

but they are running into difficulties with the developer,

AA Global

, and the

Real Estate Regulatory Authority

, Emirates Business 24/7 reports.