The initial public offering of the Eskan Bank Realty Income Trust (REIT) has opened today. The BD 14.4 million offering represents 72.9% of the Trust’s total size of BD 19.8 million, and has a target of 6.5% in net distributable income payable semi-annually. This Sharia-compliant offering is reserved for Bahraini and GCC nationals and is open to individual and institutional applicants. Securities & Investment Company (SICO) is the mandated lead manager, while Bahrain Islamic Bank (BisB) has been appointed as the receiving bank. According to Eskan Bank's General Manager Dr. Khalid Abdulla, the REIT enables investors to share in a diversified portfolio of properties, namely Segaya Plaza and Danaat Al Madina, offering diversification within the real estate sector. The properties currently have an occupancy rate of over 85%, and the Trust intends to increase its Sharia-compliant property portfolio.
Inovest (previously Al Khaleej Development Company – Tameer), a Bahrain-based shariah compliant investment company, has launched a new water technology venture in partnership with a US company.
The project size is USD 32 mn, from which USD 24 mn will be the net equity, and USD 7.2 mn is being subscribed by Inovest and its technology partner.
The product launch is subject to approval from Central Bank of Bahrain and other statutory approvals, the company added
Inovest CEO is Dr. Khalid Abdulla.