ENBD REIT Wins International Recognition at Both the Global Business Excellence and International Business Magazine Awards
ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has been named the UAE’s leading Real Estate Investment Expert for its real estate investment leadership at the annual Global Business Excellence Awards, organised by Wealth & Finance International. The REIT has also been recognised as Most Innovative REIT in the UAE by International Business Magazine.
The Shari’a compliant real estate investment trust, which is listed on Nasdaq Dubai, was recognised as Leading Real Estate Investment Expert in the UAE for 2019. ENBD REIT offers investors access to Dubai’s institutional real estate market, while generating consistent income to shareholders in the form of a semi-annual dividend.
Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said:
“Our recognition as leading real estate investment experts and most innovative REIT in the UAE reflects the commitment that we made to shareholders to build and operate a portfolio of assets that will generate robust income throughout market cycles. This has been apparent during the last twelve months, where we have experienced headwinds in the local market, while the diversity and quality of our holdings has delivered resilience in the portfolio. We remain committed to further grow and diversify our portfolio, as well as to continue to adhere to international best practice governance standards that provide a high level of assurance to investors.”
Currently ENBD REIT is in its closed period, ahead of announcing its full year results for the year ending 31st March 2019 on 29th May 2019. In January 2019, ENBD REIT announced a third-quarter Net Asset Value (NAV) of USD 284 million, or USD 1.11 per share. The REIT has maintained high occupancy in its portfolio, at 88%, with a Gross Yield of 8.3%. The total property portfolio value stands at USD 456 million, with diverse holdings covering 11 properties across the office, residential and alternative real estate sectors. ENBD REIT’s stock is traded on Nasdaq Dubai under ticker symbol ‘ENBDREIT’.
Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.