Emirates REIT Considers De-Listing
Emirates REIT REIT.DI, a Dubai-based sharia-compliant real estate investment trust, said on Sunday it was considering de-listing from Nasdaq Dubai .FTDUAE amid a downturn in the United Arab Emirates’ real estate sector and weak equity market conditions. “It is looking likely that a return to oper
Published -
Jul 20, 2020 5:20 AM
Emirates REIT REIT.DI, a Dubai-based sharia-compliant real estate investment trust, said on Sunday it was considering de-listing from Nasdaq Dubai .FTDUAE amid a downturn in the United Arab Emirates’ real estate sector and weak equity market conditions. “It is looking likely that a return to operating as a private REIT, at least temporarily, is in the best interests of the fund and its investors,” the company said. It said current market conditions in UAE public equity markets had damaged the share’s performance and led to an “unjustifiably large gap between the fund’s share price and its true value”. Emirates REIT, which has a market capitalisation of around $45 million, said “a cyclical downturn in the UAE real estate sector and a challenging operating environment” had contributed to its decision to review its options, including a potential de-listing.
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