Real estate investment trust for DIFC

by ArabianBusiness.com staff writer Monday, 01 January 2007

Dubai International Financial Centre (DIFC), Abu Dhabi Commercial Bank (ADCB) and the real estate division of Macquarie Bank of Australia have announced the signing of a memorandum of understanding to develop a real estate funds management joint venture.

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The joint venture will establish a real estate investment trust (REIT) in the DIFC, to be listed on the Dubai International Financial Exchange at a later date. The trust will acquire assets held by DIFC and other UAE properties worth a total of US$2 billion.
The joint venture partners will also consider forming an entity to provide real estate management, development and other ancillary services associated with the REIT.

HE Dr Omar bin Suleiman, governor of DIFC, said: “The Dubai Financial Services Authority enacted real estate investment trust legislation earlier this year and we are pleased to be moving forward so quickly to establish the first REIT within the DIFC.

“The listing of the REIT will enhance the image of the DIFC internationally and boost the liquidity of the DIFX.”



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