As per a story by Bloomberg, Dubai Holding plans to establish a real estate investment trust (REIT) in order to gain benefit from the emirate’s rising real estate market. The report, citing people aware with the situation, said that Citygroup Inc., HSBC Holdings PLC, and Emirates NBD Capital have been lined up for the trust offering.
Dubai Holding includes the top developers Meraas and Dubai Properties. The group declared in March that Meydan, the owner of Dubai’s racecourse, and developer Nakheel would collaborate and become a part of the conglomerate.
The holding company includes the hospitality group Jumeirah Hotels and Resorts, which is the owner of the seven-star Burj Al Arab hotel in the city as well as several other upscale hotels in the Middle East, Asia, and Europe.
As per the report, the purpose of the initiative is to give investors access to high-quality income-generating assets, such as certain community establishments and developments that were recently transferred to Dubai Holding.
Source: propertynews
