Al Mal Capital recently raised AED 350 million (approx. $92.5 million) for its real estate investment trust – Al Mal Capital REIT. Al Mal Capital REIT will become the first REIT to list on Dubai’s biggest bourse, and it will start selling shares in January, making it the first to list on the Dubai Financial Market altogether in 2021.
According to the filing with the Dubai stock exchange, Al Mal Capital REIT intends on buying a variety of real estate properties, mainly going for long-term lease agreements. The move happened amidst a drop in property values due to an oversupply in the real estate industry, which was further hit by the pandemic.