An investment fund run by the Abu Dhabi government is looking to boost its stake in a mortgage lender created to protect the emirate's booming property market from the global economic crisis. Ali Eid al-Mehairi, chairman of the mortgage provider Abu Dhabi Finance, said in an e-mail Monday that the state-run fund Mubadala Development is seeking to increase its stake to 52 percent.
Al-Mehairi is also development director of Mubadala. He says the move will "bring even greater value to Abu Dhabi Finance" and make it "the major player in mortgage finance" in Abu Dhabi. Financial terms weren't disclosed. Mubadala will take over the stake held by a state-owned developer and partial holdings of three other companies.