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
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