Al Mal Capital, an asset management subsidiary of Dubai Investments, raised Dh350 million ($95.37m) through the public float of its real estate investment trust, or Reit.
Al Mal Capital Reit closed its initial public offering on December 8 and received regulatory approval to operate as a property investment fund last week, the company said in a statement to the Dubai Financial Market on Monday.
The Reit will begin trading on the Dubai bourse in January, once it receives final approval from the DFM and the Securities and Commodities Authority, it said.
"We are proud that we have successfully raised the required amount for Al Mal Capital Reit, especially during the unprecedented times we faced this year," said Naser Al Nabulsi, vice chairman and chief executive of Al Mal Capital.
“We are confident that the Reit will continue to meet investors’ needs, as we begin to purchase and acquire income-generating real estate assets."
The Reit plans to acquire a diversified portfolio of property with long-term lease agreements.
The listing proceeds will be used alongside Islamic financing from local banks for investment in health care, education and industrial property sector assets.
The fund manager will invest in Sharia-compliant assets in both onshore and offshore zones in the UAE.
It aims to achieve an annual 7 per cent return, distributing at least 80 per cent of its income to investors, according to the bourse filing.
Al Mal Capital Reit initially sought to raise Dh500m in IPO proceeds, according to an October 26 statement.
It will be the first Reit to trade on the DFM.
Emirates Reit and ENBD Reit, two other property investment vehicles in the emirate, are listed on Nasdaq Dubai.
Khaleefa Al Mansouri, the former chief executive of Abu Dhabi's exchange, told The National in July that several Reits were also considering listing on the ADX.
The property market in Dubai has faced headwinds since the three-year oil price slump that began in 2014.
Oversupply concerns have added to investors' concerns, but transaction volumes have picked up in recent months after a bounce-back in the emirate's economy after movement restrictions to stem the spread of Covid-19 were lifted.
There were 3,928 property deals worth Dh7.65 billion completed last month, the highest amount for nine months, property portal Property Finder said in a report earlier this month.
This brought the total number of property deals completed in the emirate in the first 11 months to 33,537, with a total value of Dh69bn.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Turkish Ladies
Various artists, Sony Music Turkey
INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Spider-Man: No Way Home
Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The view from The National
