ENBD Reit, the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, said its portfolio occupancy rate increased to 88 per cent, driven by leasing in flagship assets such as the Burj Daman in Dubai International Financial Centre.
"ENBD Reit's office portfolio occupancy growth remains positive, driven by leasing at our flagship DIFC asset," Anthony Taylor, head of real estate at Emirates NBD Asset Management, said in a statement on Monday.
“We have experienced strong tenant demand in Burj Daman, due to its prime location, making it a building of choice for international financial, legal and corporate advisory firms.”
Occupancy rose by 18 per cent to 74 per cent in total at Burj Daman since the end of December 2017, according to the statement. The uptick in occupancy at Burj Daman was driven by leases signed by two prominent international firms, as well as an existing tenancy expansion by a “well-known international law firm”, the statement added.
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Read more:
[ ENBD REIT buys retail centre for Dh210m in Dubai ]
[ Emirates NBD real estate investment trust says property occupancy rose in the third quarter ]
[ Reits – new investment strategies in real estate ]
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The remaining leasable area of the reit’s two-and-a-half floors in the commercial part of the tower stands at 22,000 square feet across multiple units ranging from 3,000 sq ft to 6,000 sq ft.
ENBD Reit's total property portfolio value stands at $460 million, following its acquisition of The Edge tower in Dubai Internet City last October and the Souq Extra Retail Centre in Dubai Silicon Oasis for Dh210m in December.
ENBD Reit, which launched in March 2017, plans to expand its portfolio across different asset classes in 2018, including education, it said on Monday. Last year it acquired the Uninest student accommodation building in Dubailand and South View School in Remraam Community, which is scheduled to open this September.
“Our strong portfolio occupancy of 88 per cent across the office, residential and alternative asset classes continues to be supported by our proactive asset management philosophy, and our strategic acquisition of 100 per cent-occupied properties with long-term leases,” Mr Taylor added.
The company had a net asset value of $300m or $1.18 per share at the end of December 31, 2017.
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Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
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Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
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The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
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UAE currency: the story behind the money in your pockets
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Console: PlayStation 2 to 5
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Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
