Dubai developer Deyaar has postponed a AED500m ($136.1m) distressed property fund after international investors withdrew AED200m previously committed.

The Gulf emirate's second-largest developer by market value launched the fund last summer to buy distressed properties from its own portfolio as well as other properties, as it looked to boost returns for shareholders.

'It is the wrong time for Deyaar to go out and try to raise the funds from the international community,' the firm's chief executive Markus Giebel told The National.

arabianbusiness.com