Emirates REIT (CEIC) Limited has become the world’s largest shari’ah compliant REIT (Real Estate Investment Trust) by market capitalisation and total assets. The UAE company was one of the first shari’ah compliant REITs to be listed on Nasdaq Dubai. The company’s total portfolio value increased by 13 percent over the past year, thus enabling it to overtake Sabana Shari’ah Compliant Industrial Real Estate Investment Trust of Singapore. Emirates REIT now has total assets of $773 million, with a market capitalisation of $333 million. The former market leader, Sabana, has total assets of $762 million and market capitalisation of $276 million.
The Chairman of Equitativa and CEO of Emirates REIT Management, Sylvain Vieujot, said “Emirates REIT continues to record strong growth in cash flow, which should persist as occupancy increases and the portfolio grows. Becoming the largest listed shari’ah compliant REIT in the world is an important milestone as it will increase our international exposure and strengthen our growth and liquidity. This achievement would not have been possible without the vision of the UAE’s leaders who established a stable financial ecosystem with solid laws and regulations that have allowed the United Arab Emirates to become a world leader in Islamic finance. We are proud to be a part of that vision and look forward to continue contributing to further enhance and cement the United Arab Emirates’ position as the global centre for Islamic finance.”
Emirates REIT is a part of the Equitavita Group and represents 39% of the total Assets Under Management of the entity.