| From Maktoob.com: International investors will begin buying up distressed UAE property-backed assets by the end of 2009, Morgan Stanley’s regional chief said in remarks published on Sunday, a sign the Gulf state’s property crash is beginning to bottom out.
“Once you see distressed funds coming to the market and picking up whole portfolios from developers and banks then you know we are on the mend,” Georges Makhoul, head of the U.S. bank’s Middle Eastern and North African operations, told UAE daily the National.........Full Article: Source
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