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The parent company of Emirates REIT (real estate investment trust) has received an ''exclusive'' Emiri decree that allows its funds — current and future — to invest in Ras Al Khaimah. The Emiri Decree granting Equitativa Real Estate Ltd said these rights was issued by His Highness Shaikh Saud Bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah.
The Decree is subject to some conditions, including that at least 51 per cent of the shares of the REIT shall at all times remain owned by UAE or other GCC nationals.
Emirates REIT, the first UAE REIT established in 2010 by Equitativa, gets the full benefit of this decree.
''Ras Al Khaimah has a growing real estate market with untapped investment opportunities that we have been monitoring with great interest,'' said Sylvain Vieujot, Chairman of Equitativa Real Estate. ''Thanks to this Decree we are now able to consider a deeper pool of onshore real estate investment that matches our acquisition strategy.
''We believe this is a great opportunity for institutional investors seeking exposure to the Ras Al Khaimah real estate market and Equitativa is already finalising the closure of its first investment.''
Equitativa Real Estate Ltd fully owns Emirates REIT Management (Private) Limited (DIFC), which manages Emirates REIT (CEIC) Limited, the UAE’s first regulated Sharia-compliant REIT and listed on Nasdaq Dubai. Equitativa also recently incorporated Equitativa Asset Management Ltd in the Abu Dhabi Global Market, which is currently launching new specialised Reits.
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Source: Staff Report, gulfnews.com