DUBAI-CB Richard Ellis Investors has opened a new office here in the Dubai International Financial Center. This is the first office here for the investment management arm of the Los Angeles-based firm, though the division already has mandates with two major regional sovereign wealth funds.

There are local institutional and professional investors that are looking for stable opportunities around the globe, says Michael K. McMenomy, global head of the division. “On the heels of the capital asset pricing recast that began in mid-2008, these investors would like spread their investments to areas with greater transparency.”

He tells GlobeSt.com that many of the local investors are from here and countries that are dependent on oil for revenue. “They are now realizing they need to look at diversification across multiple asset classes,” McMenomy says.

Investors are interested in include the United States and Europe, especially London and Paris. These are stable, core areas with less risk, McMenomy says. “I think investors hit the brakes in 2008 and took a really hard look at what they own and its value. This year has become more of a transition year, where they are more confident and comfortable redeploying capital, but in an appropriate way. The market will come back, but likely slower than in the run up to 2007,” he says.