The Emirates REIT
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The Emirates REIT is the first Real Estate Investment Trust in The United Arab Emirates. It is managed by Emirates REIT Management.
Abdulla Al Hamli is Chairman of Emirates REIT Management as well as CEO of the Dubai Islamic Bank, and is on the board of The Emirates REIT, as is Sylvain Vieujot, Deputy Chairman of Emirates REIT Management and CEO of Eiffel Management and Mark Inch Director of Emirates REIT Management and Chairman of Societe de la Tour Eiffel.
The Emirates REIT is Based in the Dubai International Financial Center
Its launched was announced November 23, 2010 by the Dubai Islamic Bank DISB.DU (DIB). It's a joint venture with Eiffel Manage, connected with the Societe de la Tour Eiffel, a French Real Estate Investment Trust.
The Emirate REIT is Shariah compliant. That means it will look only at buildings housing activities that are not forbidden. This includes office buildings, warehouses, schools and car parks. It also means they must steer clear of buildings having to do with alcohol, nightclubs, lending for interest, hotels and motels, tobacco, and manufacture and sale of non-halal foods.
Also it means that Emirate has a Shariah board to make sure they remain in compliance.
The Dubai Islamic Bank contributed seven seed properties to the portfolio. They all produce income and they're all debt-free. They are currently negotiation for fully let apartment buildings, office buildings and car parks.
The Emirates REIT will be open to all investors, but fifty-one percent must come from the Gulf Cooperation Council. However, they have announced they should be listed on Dubai NASDAQ within a year.
At this time (April 2011), however, The Emirates REIT is not yet publicly listed.
Next: The Arabian REIT -- a private placement REIT in the Gulf Cooperation Council.
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