DUBAI // Deyaar Development, the Dubai property company, has secured Dh200m from regional investors for a new distressed asset fund that will buy property from buyers who default on their payments.
Markus Giebel, Deyaar's chief executive, said the creation of the fund was the final step in a strategy to lower the company's default rate from about 50 per cent to the low single digit range.
"The fund is finished and ready to go," he said. "We are going on a roadshow to Saudi Arabia and other countries in the next couple of weeks. There is still strength and liquidity in the region."
The close-ended fund, which has been established along with Dubai Islamic Bank, would be between Dh500m and Dh1bn. It would work by buying defaulted property from Deyaar and holding onto the units for several years and reselling them for a profit.
The fund would be able to buy the units from Deyaar a significant discount because of the way Dubai's laws governing defaults are written. Under the recently introduced Law 9 of 2009, a buyer loses all or a significant portion the payments they have made to a company if the project is well underway in construction. So when a buyer defaults, Deyaar will get to keep a percentage of the purchase price, allowing it to sell below market value to the fund, Mr Giebel said.
Deyaar has already eased payment plans, cut prices and consolidating its holdings to prevent buyers from defaulting, but there is a remaining 20 per cent of buyers who cannot be helped and will likely be unable to pay for their purchases.
The creation of the first-of-a-kind fund and other proactive efforts to reduce Deyaar's default rate led Nomura Securities to call the company a "market leader" in Dubai in a recent report. The company has had a challenging year dealing with both the detainment of its former chief executive on fraud charges and a dramatic slowdown in the property sector.
bhope@thenational.ae
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How to protect yourself when air quality drops
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
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MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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1st ODI, UAE win by 6 wickets
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TRAP
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULT
Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')
Man of the match Nathan Redmond (Southampton)
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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