UAE's first REIT to announce IPO on Nasdaq Dubai -source

Reuters Middle East

DUBAI, March 11 (Reuters) - The United Arab Emirates' first real estate investment trust will announce later on Tuesday an initial public offer of its shares on the Nasdaq Dubai bourse, a source aware of the matter said.

Emirates REIT, which was formed in 2010 and complies with Islamic investment principles, has eight properties valued at over 1.1 billion dirhams ($300 million), according to recent statements by the trust. REITs directly invest in properties and distribute profits as dividends.

Dubai Islamic Bank (DIB) owns 35.3 percent of the company, while state-owned conglomerate Dubai Holding owns 31 percent through two of its units, according to its website.

Reuters first reported the plan for the IPO last September.

(Reporting by Mirna Sleiman; Editing by Andrew Torchia)

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