Al Mal Capital REIT announces final dividend for the financial year 2024 - Middle East Business News and Information
Dubai, UAE, March 2025 – Al Mal Capital REIT ('AMCREIT'), the first REIT listed on DFM, regulated by the Securities and Commodities Authority, and managed by Al Mal Capital PSC ('Al Mal Capital'), a subsidiary of Dubai Investments PJSC, has announced the final dividend for financial year 2024 amounting to AED 20,555,595 (as against AED 15,416,697 for six months ended 30 June 2024). The final dividend of AED 4.00 fils per unit is a milestone distribution, as it is on the enhanced unitholders' capital of AED 513,889,872 raised through a rights issue in April 2024. The final dividend of AED 4.00 fils per unit combined with the interim dividend of AED 3.0 fils per unit paid in August 2024 has ensured that AMCREIT continues with its commitment of target annualized yield of 7.0% to the unitholders. AMCREIT will pay the interim dividend to the unit holders with the entitlement date set for March 27, 2025.
AMCREIT delivered yet another strong financial performance for year ended 31 December 2024. In line with its strategy of growing its portfolio in the mandated sector of Education, AMCREIT completed the acquisition of Carnation Education LLC ('Carnation'), thus enhancing its overall investment portfolio. The balance sheet of AMCREIT surpassed AED 1 billion in 2024 with the investment properties valued at AED 993 million (as against AED 578 million as of 31 December 2023).
With the acquisition of Carnation (owner of Kent College Dubai), AMCREIT's net property income touched AED 65.6 million for the full year 2024, which represented an increase of c. 47% over the corresponding period of twelve months ended 31 December 2023. The total comprehensive income for the full year 2024 was AED 61.9 million, an increase of c.80% vis-à-vis the previous financial year 2023.
AMCREIT's core focus in growing its portfolio in the mandated sectors supports its vision of providing its investors access to an asset class with strong fundamentals and sustained growth. AMCREIT's investment properties neared c. AED 1 billion, a significant milestone given the first acquisition was completed towards the end of financial year 2021. The REIT's portfolio comprises five school campuses including two in Ajman (operated by Al Shola Group), two in Sharjah (operated by GEMS Education) and one in Dubai (operated by Aldar Education).
Commenting on the dividend distribution, Mr. Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital PSC said: 'AMCREIT has delivered yet another solid performance in 2024. The year witnessed key successes including enhancement of the capital base with new investor participation, acquisition of another K-12 school taking the overall assets to five school campuses and the continued dividend distribution to the unitholders. AMCREIT believes in sustainable value creation to its unitholders and in line with this, the final dividend distribution of AED 4 fils per unit reiterates the commitment to deliver the target annualized yield of 7.0% for 2024.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
4 hours ago
- Mid East Info
After the success of Tower A, HRE Development launches Tower B of SkyHills Astra in response to soaring demand
The stunning residential complex in Dubai Science Park boasts state-of-the-art amenities, skyline views, and embodies the company's ethos of 'building with purpose. Dubai, UAE: Following the overwhelming success of Tower A, and due to soaring demand, HRE has launched Astra Tower B at the stylish SkyHills Astra, strategically located in Dubai Science Park. SkyHills Astra has garnered attention for its elegant design and exceptional accessibility, featuring a connection to a metro station and a prime location opposite Dubai Hills Estate. The building offers a range of amenities to cater to every taste, including a gym, yoga retreat, padel court, pools, and a unique dual-track podium over 500 metres, which provides one lane for running and another for grounding. Each residence comes fully furnished with an attractive payment plan directly from the developer. HRE Development has partnered with Dubai Cares, committing AED 30 million to support its global education programs. That means residents will enjoy state-of-the-art amenities and breathtaking views – all while knowing their investment positively impacts children's education in developing countries. Personalised certificates from Dubai Cares will acknowledge each resident's contribution to this cause. 'Opening Tower B highlights the community's amazing response to our vision,' said Wissam Breidy, CEO of HRE Development. 'The high demand for beautifully designed residences offering a holistic lifestyle has led to this expansion, providing more opportunities for buyers to invest in a purpose-driven community.' About HRE Development: HRE Development L.L.C., founded in 2021 and backed by a leading construction firm, has quickly established a reputation for excellence in shaping Dubai's skyline. With a focus on creating exceptional living spaces, HRE Development has completed over 200 projects, positively impacting approximately 12,000 families. Built on trust, integrity, and a commitment to quality and innovation, HRE Development blends aesthetics with functionality in its state-of-the-art designs. Sustainability is central to its projects, utilising eco-friendly materials and innovative practices to minimize environmental impact. By incorporating the latest technology, HRE creates smart living spaces that enhance residents' quality of life and foster vibrant communities. Beyond financial success, HRE Development is dedicated to creating social value through integrated social initiatives and a strong commitment to Corporate Social Responsibility, including an AED 30 million partnership with Dubai Cares to support education in developing countries. About Dubai Cares: Since 2007, Dubai Cares, part of Mohammed bin Rashid Al Maktoum Global Initiatives, has aimed to provide quality education for children and youth in developing countries through sustainable programs. It has benefited over 116 million individuals in 60 countries. Supporting the United Nations Sustainable Development Goal (SDG) 4, Dubai Cares focuses on early childhood development, access to education, vocational training, and education during emergencies. It employs a school health model that includes deworming, school feeding, and WASH (Water, Sanitation & Hygiene) initiatives. As a registered non-government organization under IACAD, Dubai Cares is authorized to raise funds through donations and campaigns. Volunteerism is crucial for engaging the community in addressing development challenges, and Dubai Cares mobilizes the UAE community through various initiatives aligned with its mission.
Mid East Info
5 days ago
- Mid East Info
Dubai real estate market shatters records with historic AED66.8 bn of transactions in May 2025, Property Finder reveals
Dubai's real estate market delivered AED66.8 billion in sales transactions across 18,700 deals last month, solidifying the emirate's position as a global real estate powerhouse Primary ready sales reached AED17.9 billion, a 314% increase in value over last year, across 2,400 transactions, clocking up 145% growth. Secondary ready sales also reached a new peak, with 6,078 transactions worth AED24 bn, representing 8% growth in volume and 21% year-over-year growth in value, underscoring strong and sustained demand in the resale market. DUBAI, UNITED ARAB EMIRATES,June 2025: Property Finder, the leading property portal in the MENA region, has released its market performance highlights for May 2025, highlighting yet another month of record-breaking activity. Dubai's real estate market witnessed AED66.8 billion in sales transactions across 18,700 deals last month, Property Finder's proprietary data reveals. This historic achievement represents a staggering 44% year-over-year surge in transaction value and a solid 6% increase in volume, signalling robust market confidence and sustained investor appetite for Dubai properties. The performance was driven by strong growth in ready transactions, for both primary and secondary segments. Primary ready sales more than quadrupled compared to May 2024, reaching AED17.9 billion. This represented a 314% increase in value across 2,400 transactions and a 145% growth. Secondary ready sales also reached a new peak, with 6,078 transactions worth AED24 billion, representing 8% and 21% year-over-year growth in volume and value, respectively, underscoring strong and sustained demand in the resale market. Key data highlights: Primary market continues its dominance: Overall, primary ready and off-plan sales skyrocketed, rising by 65% year-over-year to reach AED 37 billion in May 2025. Secondary market shows resilience: Overall, the secondary sales market set a new record in May 2025, with AED 29 billion in transaction value and 8,471 transactions, up 23% and 15% year-over-year, respectively. Strategic investment hotspots: Business Bay emerged as a premium investment magnet, capturing 5% of total primary transaction value despite representing only 3% of volume, indicating high-value, sophisticated investment activity. Al Barsha demonstrated broad market appeal, accounting for 2% of total value while commanding 5% of transaction volume, showcasing strong demand across price points. A notable AED 1.5 billion land transaction in Palm Deira further underscored institutional confidence in Dubai's long-term growth trajectory, bolstered by strong resale activity in key communities such as Business Bay, Al Barsha, and Wadi Al Safa 3. Consumer behaviour trends: Consumer preferences have stayed steady for the past one year, with apartments dominating demand from home seekers, representing 78% of rental searches and 60% of buyer interest. While studios attracted 21% of rental searches and only 15% of purchase interest, one-bedroom units commanded 35% of purchase searches and 38% of rental searches. This imbalance could potentially suggest that while studios are more attractive for budget-conscious renters, buyers tend to prioritise larger units, due to perceived long-term value, livability, or investment potential. Cherif Sleiman, Chief Revenue Officer at Property Finder, said, 'Just when we thought April was Dubai's most significant month in terms of transaction value at AED62.1 bn, May eclipsed this with AED66.8 billion in transaction value. This underscores the sustainability of the trends driving current growth. Dubai continues to lead real estate innovation by example, as evidenced by the recent launch of the region's first licensed tokenized property investment platform by Dubai Land Department. With the remarkable growth in population this year, welcoming nearly 1,000 new residents each day – double of last year's daily visitor arrivals, demand for housing is poised to reach peak levels. Against this backdrop, the real estate market is enjoying positive momentum, fuelled by digital transformation, international investor appetite, and a surge in demand for premium living. Real estate leaders who participated in Property Finder's recent roundtable are confident of transaction activity picking up throughout 2025, buoyed by unprecedented interest from international investors, alongside a strong off-plan performance and vibrant luxury resale activity. These trends speak to the city's enduring appeal and resilience, even amid global uncertainty. As Dubai shapes the future of real estate, Property Finder remains committed to empowering buyers and investors with the insights they need to move with confidence.'
Mid East Info
5 days ago
- Mid East Info
United Arab Bank PJSC launches strategic Rights Issue to raise up to AED 1.03 billion - Middle East Business News and Information
United Arab Emirates: United Arab Bank PJSC ('UAB'), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to AED 1,031,275,325 (one billion thirty-one million two hundred seventy-five thousand three hundred twenty-five dirhams) from AED 2,062,550,649 (two billion sixty-two million five hundred fifty thousand six hundred forty-nine dirhams) up to AED 3,093,825,974 (three billion ninety-three million eight hundred twenty-five thousand nine hundred seventy-four dirhams) by way of the Rights Issue offered to the existing shareholders of the Bank. Further, United Arab Bank has published an invitation to its shareholders (the 'Invitation') to subscribe for New Shares. Frequently asked questions relating to the Rights Issue will be made available on UAB's website on or around today's date. The New Shares will be issued at an issue price of AED 1 per New Share (the 'Issue Price'). The terms and launch of the Rights Issue were approved by the UAB's General Assembly Meeting held on 6 March 2025, following the approval of the Board of Directors of the Bank held on 4 February 2025. The necessary regulatory approvals have been obtained for this transaction. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of United Arab Bank. The holders of Rights, which includes shareholders of United Arab Bank and any persons who purchased Rights during the Rights Trading Period (the 'Eligible Persons'), will be entitled to exercise their Rights to subscribe for New Shares at the Issue Price commencing on 4 July 2025 and ending on 17 July 2025. The New Shares will be allocated to Eligible Persons on 24 July 2025. Refunds will be given to Eligible Persons, who did not receive the number of New Shares that they subscribed for, on or around 24 July 2025. Commenting on the announcement, Mr. Shirish Bhide, CEO of United Arab Bank said: 'The Rights Issue represents a significant milestone in the Bank's journey towards its next phase of growth. It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as Lead Manager and Bookrunner in respect of the Rights Issue and Al Tamimi & Co. have been appointed as Legal Adviser. Expected Timetable of Principal Events Event Date (2025) Date of publication of the Invitation 3 June Eligibility Date of Rights (record date)* 19 June First day of trading the Rights on the ADX 27 June Last day of trading the Rights on the ADX 10 July Subscription Opening Date 4 July Subscription Closing Date 17 July Date of allocation 24 July Refund date On or around 24 July Commencement of Dealings in the New Shares On or around 30 July * In order to receive Rights on the Eligibility Date, investors must ensure that they execute any purchase orders for shares at least two business days prior to the Eligibility Date, i.e. on or before 17 June 2025, to allow for the settlement of trades on the ADX (which operates on a T+2 basis).
