Dubai based Deyaar Real Estate said the new department will be particularly looking to acquire distressed assets in countries such as Turkey and India with the aim of expanding its land bank.
'The new department will look at buying distressed assets across the globe with India and Turkey being likely markets,' said chief executive Markus Giebel.
It marks a move beyond the Gulf region where the company has put future unsold projects on hold due to the global financial turmoil.
But Giebel said the company is on a sound financial footing and that 2009 will see the company deliver five residential and commercial projects in Dubai of the 22 currently under construction.
He said the firm had secured financing for all of its existing local projects and it may also look at project financing, debt instruments or joint ventures while remaining committed to the Middle East.
'Despite challenging economic conditions globally, Deyaar remains focused on contributing to the sustained growth and continued stability of the real estate sector in Dubai and the wider region,' added Giebel.
Figures just released in the company's 2008 financial report show full-year revenues of $809.4 million, a 136% increase on 2007 results. Of this, $300.6 million is recorded as profits, a year on year increase of 105%.
