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Singapore: Dubai World plans to sell some of its properties in London and New York next year and redeploy some of that capital to real estate in Asia.
"Currently, we are slightly too heavily weighted in the States and in Europe. We want to balance the portfolio slightly more towards Asia," said Yu Lai Boon, the group's chief investment officer.
Dubai World has a multi-billion portfolio that ranges from British port operator P&O to New York retailer Barneys. It also owns office buildings such as 280 Park Avenue in New York and London's One Trafalgar Square.
"Prices in New York and London haven't fallen and there are still investors interested in the prime properties we own," Yu said.
"I'm not proactively looking for a buyer but if someone comes knocking, I'd be more than willing to entertain them," he added.
Dubai World has teamed up with Singapore developer City Developments and Israeli firm Elad Group to invest in a retail and hotel complex in Singapore worth $1.7 billion.
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