Page last updated at 11:20 GMT, Monday, 19 November 2007

Dubai eyes US investment bargains

New York skyline
DIFC said it was looking to invest in a number of US sectors

An investment agency owned by the Dubai government says the US mortgage crisis has created a wealth of cheap American investment opportunities.

Omar bin Sulaiman, governor of DIFC Investments, told the Reuters news agency that the crisis had driven down the share prices of US firms.

He said that, as a result, DIFC was looking to invest in US oil and gas, telecom and real estate companies.

The comments could be controversial in some parts of Washington.

Last year fellow government-owned Dubai company, Dubai Ports World (DPW), was forced to sell off its newly-acquired US ports operations following strong opposition from US politicians.

DPW, which gained operations at six major US ports following its takeover of UK firm P&O, sold them to US insurance giant AIG after US politicians objected on security grounds.

"The challenge is how low do we look," said Mr bin Sulaiman.

"There are good assets in the US, good opportunities for acquisitions to be identified."

DIFC Investments bought a 2.2% stake in Deutsche Bank earlier this year for about 1.35bn euros ($2bn; 964m).

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