Emirates REIT, Dubai’s first real- estate investment trust established in November 2010, may list on Nasdaq Dubai within a year, an official at the Dubai International Financial Centre Authority said.
“That could happen easily within one year,” Marwan Ahmad Lutfi, deputy chief executive officer, told reporters at an Islamic insurance conference in Dubai on Sunday. Emirates REIT is a joint venture between Dubai Islamic Bank and France’s Eiffel Management, which is based in the DIFC and governed by the Dubai Financial Services Authority.
The DIFC, a tax-free business park in the UAE’s financial hub, is in talks with a number of “top- tier” banking institutions and financial advisors on starting Islamic REITs. “You’ll start to hear about them more and more” in the next few quarters, he said.
Emirates REIT is a Shariah-compliant trust that invests in commercial and residential properties.
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