Dubai first REIT to come up soon
The first ever real estate investment trust (REIT) of UAE is going to come up soon. It will be started by the region's biggest Islamic bank, Dubai Islamic Bank along with France's Eiffel Management.
Known as Emirates REIT, it will be used for investing in commercial as well as residential properties. DIB also said in a statement that the REIT will be based in Dubai International Financial Center.
As far as the current sidings go, the new REIT is going to be very attractive as far as implementations on Shariah laws are concerned. Said, head of retail banking at DIB that for the rentals that come from offices, buildings, warehouses, schools and also car parks will be given to the shareholders as dividends.
Till now, 80 per cent of the profit that the REIT has been distributed to the shareholders as dividend. Experts also say that it will be having 'positive impact' on the real estate market. Since global financial crunch, property prices in the Gulf region have seen a drop of 50 per cent. And this initiative is going to fuel the recovery phase.
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Plug-in cars’ share grows to 32% in Netherlands in September 2021
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids