IslamicFinance.de

Dubai-based Emirates REIT announced that Eiffel Management has acquired a 25 per cent in the REIT manager that was previously held by Dubai Islamic Bank (DIB). The value of the transaction was not disclosed. The REIT Manager is responsible for running the property portfolio of Emirates REIT and all the operations concerning the REIT. It is incorporated in Dubai international Finance Centre and licensed by DFSA. Following the deal, Eiffel Management will own 100 per cent of REIT manager’s total issued share capital. Emirates REIT reported a net profit growth of 39 per cent to reach $48.5 million in 2014 from $34.8 million in 2013.

Since the global economic downturn in 2008, Dubai has sought to display signs of financial improvement. And the glitzy sheikhdom of the United Arab Emirates (UAE) has begun to demonstrate growth, except in real estate.
Despite the pessimism pervading the market, Dubai launched a Shariah-compliant real estate investment trust (REIT) in November. Emirates REIT, jointly developed by Dubai Islamic Bank and Eiffel Management, a French REIT specialist, joins a number of Shariah-compliant REITs that have been set up Asia and the Middle East over recent months. Governments and Islamic financiers alike hope the new products will spur investment from Muslims and non-Muslims into these regional real estate sectors.

A new REIT was established Dubai this week, and is likely to list in London within the next 18 months.
The REIT is a collaboration between Dubai Islamic Bank and Eiffel Management.
Before undertaking a dual listing in the next 18 months, Emirates REIT will initially list on the Dubai Nasdaq stock exchange.

Dubai Islamic Bank has partnered with French property firm Eiffel Management to launch the emirate's first Shari'ah-compliant real estate investment.
The REIT will initially look to draw capital from the local market but plans to expand to attract funds throughout the region and then globally.