Dubai-UAE: 19 February, 2012 - TECOM Investments, a diversified conglomerate and a member of Dubai Holding, today announced it has entered into a strategic partnership with Emirates REIT, Dubai's first real-estate investment trust.

Emirates REIT was established in November 2010 to offer investors a strategic market entry opportunity, as well as the professional management of held assets and a promise of long-term returns.

Under the partnership valued at AED170 million, TECOM will obtain a 25 per cent share in Emirates REIT in addition to liquidity for pursuing new development opportunities. 

Abdullatif AlMulla, Group CEO, TECOM Investments, said: "We are delighted to announce this partnership with Emirates REIT. While we will benefit from the liquidity and exposure to increasing values in a resurgent local property market, we will also help Emirates REIT take a step forward in its vision of launching an IPO.

"It is essential that developers come forward to form strategic partnerships with Emirates REIT to lay the foundation for a professionally managed real estate market in the UAE. As part of our synergy, we will continue to explore new opportunities with Emirates REIT."

Abdulla Al Hamli, Chairman of Emirates REIT Management and CEO of the Dubai Islamic Bank, said: "We are very pleased to have concluded this transaction with TECOM Investments. We welcome TECOM as a major shareholder in Emirates REIT and value the support of this pioneering and successful organisation for the REIT project.

"Emirates REIT was formed with the aim of bringing liquidity and professional management into the nascent real estate investment market. Our partnership with TECOM achieves this objective whilst extending our shareholder base."

With Emirates REIT, Dubai Islamic Bank and Eiffel Management have created an innovative and attractive Sharia compliant real estate investment vehicle. All investors - government and private - are encouraged to contribute their assets to Emirates REIT, which is keen to develop its portfolio mix and investor base prior to the planned Initial Public Offering (IPO) launch.

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About TECOM Investments
TECOM Investments, based in Dubai, is a member of Dubai Holding, a global company dedicated to knowledge and life-improving industries.

Home to over 4,500 companies, including major multinationals and many of the Fortune 500 companies, TECOM Investments interests also include exclusive investments in high-growth sectors.

One of TECOM Investments' largest portfolio companies is TECOM Business Parks. It comprises 10 business parks under five industry clusters across the information and communication technology (ICT), media, education, sciences, as well as manufacturing and logistics sectors.

Dubai Internet City and Dubai Outsource Zone form the ICT Cluster, while Dubai Media City, Dubai Studio City and the International Media Production Zone make up the Media Cluster.

Dubai Knowledge Village and Dubai International Academic City are part of the Education Cluster. Dubai Biotechnology and Research Park and Energy and Environment Park (ENPARK) compose the Science Cluster.

Dubai Industrial City comes under the Manufacturing and Logistics Cluster of TECOM Business Parks.

Building on its domestic success and vision for global expansion, TECOM Investments has conceptualised SmartCity, a venture that aims to develop knowledge industry townships worldwide. The foundation has already been laid with the development of SmartCity Malta and SmartCity Kochi.

Apart from spurring cluster development by creating purpose-built facilities and working with the Dubai and Federal Governments to develop business-friendly policies and industry regulations, TECOM Investments also focuses on 'pure play' businesses.

eHosting DataFort is a managed IT and advisory services provider.  Arab Media Group (AMG) is a leading media and entertainment organization in the UAE, with subsidiaries covering radio broadcasting, event management and outdoor advertising.

TECOM Investments also owns share capital in Empower, a district cooling service provider; Nexgen Advisory Group, a MENA-based specialized advisory and consulting services organisation; and Energy Management Services (EMS), a leading energy savings company in the Middle East.

For further information on TECOM, please contact:
Zeba Ahmad
APCO Worldwide (JiWin Public Relations)
Tel: +9714 361 3590 (direct)
+9714 361 3333 (switchboard)
Fax: +9714 388 8001
E-mail: zahmad@apcoworldwide.com

For further information on Emirates REIT, please contact:
Sylvain Vieujot - Executive Deputy Chairman
+971 4 358 87 75 - contact@reit.ae
http://www.reit.ae 

© Press Release 2012