Al Mal Capital’s real estate investment trust (REIT) has officially listed on the Dubai Financial Market (DFM), following the successful initial public offering (IPO) last year.
The listing is considered a “significant milestone” as it reinforces the bourse’s diversification strategy, providing investors with new products and investment opportunities, according to Essa Kazim, chairman of DFM.
The stock exchange hosted a bell ringing ceremony on Monday to celebrate the commencement of the fund’s trading on the bourse, through the listing symbol: AMCREIT.
The asset management firm, a subsidiary of Dubai Investments, had earlier raised 350 million dirhams ($95.3 million) from an initial public offering. The fund obtained a license to operate as a real estate investment fund last December.
“Today’s listing is a key foundation for this new asset class and we are looking forward to see it gaining momentum during the coming period in line with REIT’s strong presence globally and to truly reflect the magnitude, quality and expansion of the real estate sector in Dubai by encouraging the establishment and listing of more REITs in the future,” Kazim said.
According to Khalid Bin Kalban, vice chairman and CEO of Dubai Investments and chairman of Al Mal Capital, the listing of REIT is “pivotal” for the fund as DFM is strategically located in the heart of the Gulf Cooperation Council (GCC) region.
“This provides us with the opportunity to better serve investors across local and regional markets, while allowing them to capitalise on the various investment prospects available in the UAE’s diverse sectors,” said Kalban.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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© ZAWYA 2021