Emirates REIT (CEIC) Limited (“Emirates REIT” or “REIT”) is a closed-ended investment company with a mandate to invest in a diversified portfolio of Shari’a compliant real estate properties.
It was established in the Dubai International Financial Centre (“DIFC”) on 28 November 2010 by Emirates REIT Management (Private) Limited (the “REIT Manager”).
Emirates REIT operates under the Dubai Financial Services Authority’s (“DFSA”) Collective Investment Rules (“CIR”) and is the first Shari’a compliant real estate investment trust incorporated in the DIFC.
In February 2013, an exclusive Ruler’s Decree was granted to Emirates REIT permitting it to purchase properties in on-shore Dubai through its onshore Dubai branch.
For the six months ended 30 th June 2014, Emirates REIT had profit and total comprehensive income of US$ 34.15m, up from US$ 11.61m for the six months ended 30 th June 2013.
Emirates REIT’s total assets were US$ 568.55m as at 30 th June 2014 an increase from US$ 333.21m at the end of 2013.
As at 30 th June 2014, Emirates REIT’s net asset value per share (as calculated by its REIT Administrator, Maples Fund Services (Middle East) Limited) had risen to US$ 1.3939 from US$ 1.3522 on 31 st December 2013.
Emirates REIT is managed by the REIT Manager which is a joint venture between Dubai Islamic Bank PJSC (“DIB”) and Eiffel Management Limited (“Eiffel”). Eiffel owns 75% and DIB owns 25% of the REIT Manager’s total issued share capital. The REIT Manager was incorporated in the DIFC on 27 October 2010 and is licensed and regulated by the DFSA.
