
Dubai's Al Mal REIT launches follow-on offering to raise up to $66mln
The REIT, managed by Al Mal Capital, a subsidiary of Dubai Investments group, plans to offer up to 220 million new units (if green shoe option is exercised) at AED 1.125 per unit.
The subscription window for the FPO will run through July 25, with the new units trading between August 8-15, subject to regulatory approvals.
The nominal value of the current fund's capital is AED 513.88 million.
(Writing by Brinda Darasha; editing by Daniel Luiz)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Khaleej Times
44 minutes ago
- Khaleej Times
Led by ADIB, UAE banks surge ahead with region's fastest market cap growth
The UAE's banking sector is powering ahead with added momentum, recording the highest quarter-on-quarter increase in market capitalisation among lenders across the Middle East and Africa in the second quarter of 2025, according to S&P Global Market Intelligence. Riding a wave of economic resilience, regulatory support, and strategic innovation, the sector is emerging as a beacon of strength and stability in an otherwise mixed regional banking landscape. Leading this remarkable performance is Abu Dhabi Islamic Bank (ADIB), which posted a 34 per cent surge in market value to reach $21.26 billion by the end of June. This leap pushed ADIB three spots higher in S&P's ranking of 20 regional banks, underlining its growing investor appeal and operational robustness. The bank's strong performance was driven by a string of innovative initiatives, including a partnership with Binghatti Holding to offer Shariah-compliant real estate finance and the launch of the UAE's first fractional sukuk investment platform, allowing retail participation with as little as $1,000 — significantly lowering the traditional entry barrier of $200,000. ADIB's fundamentals remain equally compelling. The bank reported an 18 per cent year-on-year increase in net profit for the first quarter to Dh1.9 billion, powered by sustained customer growth, a solid balance sheet, and growing business momentum. Its return on average equity stood at 23.5 per cent in 2024, making it the second-best performing lender in the region. With a net interest margin of 3.88 per cent and an efficiency ratio of 29.58 per cent, ADIB continues to outperform peers in both profitability and cost management. Other major Emirati banks also posted impressive gains in market value. First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, and Dubai Islamic Bank each reported double-digit growth in the second quarter. S&P attributed this collective uptrend to the UAE government's broad-based economic and social reforms, which have contributed to a reduction in credit risk and improved investor confidence. These reforms include financial market liberalisation, strategic investment in digital infrastructure, and a renewed push for economic diversification beyond oil. The UAE banking system's strong capital buffers and robust regulatory framework have positioned it well to weather external headwinds, including geopolitical tensions and fluctuations in oil prices. The Central Bank of the UAE recently reported that sector-wide capital adequacy stood at 17.8 per cent as of March 2025, comfortably above Basel III requirements, while the non-performing loan ratio declined to 5.1 per cent from 5.6 per cent a year earlier. S&P also noted that Israeli banks recorded strong second-quarter gains, despite geopolitical uncertainty linked to tensions with Iran. Mizrahi Tefahot Bank posted a market cap increase of 31.9 per cent to $16.89 billion, making its debut in the top-20 list. Bank Leumi and Bank Hapoalim followed closely, with respective gains of 25.2 per cent and 28.5 per cent. All three reported higher net profits in the first quarter, supported by sustained government backing, low non-performing loans, and stable asset quality. The Israeli banking sector achieved a near-record return on equity of about 15 per cent, according to S&P Ratings. In contrast, Saudi Arabia's banking giants saw a sharp reversal in fortunes. Despite Al Rajhi Bank and Saudi National Bank holding onto their top two spots in terms of market value — at $100.89 billion and $57.27 billion respectively — several other lenders in the Kingdom posted significant declines. Riyad Bank tumbled five places in the ranking following a 12.8 per cent drop in market cap, the steepest fall among the 20 banks surveyed. Alinma Bank and Saudi Awwal Bank also lost ground, shedding 12.6 per cent and 10.1 per cent respectively. Analysts attribute this underperformance to investor concerns over slowing credit demand, weaker quarterly earnings, and potential impacts from prolonged oil price volatility. Despite these divergent trends, the collective market capitalisation of the sampled banks reached $643.48 billion by the end of June 2025, underscoring the scale and dynamism of the region's financial institutions. Financial analysts said the outlook for UAE banks remains upbeat. The International Monetary Fund, in its latest Article IV consultation, projected the UAE's non-oil GDP to grow by over 5 per cent in 2025, with the banking sector playing a pivotal role in funding new ventures, green energy projects, and digital transformation. Fitch Ratings recently affirmed a stable outlook for the UAE's banking sector, highlighting ample liquidity, strong capitalisation, and an improving operating environment as key strengths.


Khaleej Times
44 minutes ago
- Khaleej Times
Demand spike, price gains fuel Abu Dhabi housing boom
Abu Dhabi's residential real estate sector is gathering strong momentum in 2025 propelled by robust demand, record-high sales prices, and a visible shift toward ready homes and spacious family residences. Despite a scheduled delivery of 11,900 new homes by year-end, experts warn that surging population growth, rising investor confidence, and a scarcity of new off-plan projects could cause demand to outstrip supply across several key neighbourhoods, market watchers say. Cavendish Maxwell's latest market report shows that the UAE capital added 600 residential properties in the first quarter, setting the stage for 12,500 new homes to be completed by year-end, with another 7,000 units already in the pipeline for 2026. Yet, analysts suggest this may fall short of meeting the growing needs of end-users and investors, especially as the city continues to attract residents and capital on the back of infrastructure development, social reforms, and long-term residency initiatives. Average residential property prices in Abu Dhabi hit Dh2.5 million in the first quarter—the highest figure in three years—while total sales reached Dh3.7 billion across 1,300 transactions. Ready properties, which comprised 900 of these deals, dominated market activity, underlining a preference shift towards completed homes over off-plan developments. Apartments continued to lead in transaction volume, but villas and townhouses recorded stronger price growth and increasing buyer interest. Year-on-year, apartment prices jumped 12.3 per cent, with a 4.1 per cent gain from the previous quarter. Villas rose 12.5 per cent annually and 2.4 per cent quarter-on-quarter, with Yas Island leading the price rally. Villas there climbed 15.5 per cent from Q1 2024, followed by Al Reef (4.4 per cent) and Saadiyat Island (1.0 per cent). These increases are being driven by a growing segment of family buyers looking for larger spaces, gardens, and long-term living options. The report noted a drop in overall transaction volumes from the previous quarter, which analysts attribute to seasonal slowdowns during Ramadan and Eid. Nevertheless, the strength of the market was visible in the record-high average sale price of Dh2.5 million, alongside mortgage activity totalling Dh1.7 billion across 800 loans. Lending for villas and townhouses surged nearly 60 per cent from a year earlier, while mortgage uptake for apartments declined—further highlighting the pivot in buyer preferences. Andrew Laver, associate director at Cavendish Maxwell – Abu Dhabi, noted that the capital's real estate sector is showing resilience, with price appreciation expected to continue. 'There is sustained demand for ready homes and a clear reduction in off-plan launches. We are also seeing encouraging signals in secondary market activity and bank financing, which reflect healthy investor sentiment and end-user confidence,' he said. Beyond pricing and transaction dynamics, the Abu Dhabi market is benefiting from structural support. The emirate's government has introduced a range of investor-friendly initiatives—from long-term Golden Visas and retirement visas to enhanced urban planning and lifestyle infrastructure. New public transport projects, international school openings, and cultural landmarks have made Abu Dhabi more attractive for both expatriate families and institutional investors. A recent report by CBRE corroborates these trends, noting that Abu Dhabi's residential rents have also risen significantly. Average apartment rents increased by 5.5 per cent in the first half of 2025, while villa rents jumped by 6.3 per cent, further boosting yields and adding appeal for investors. With residential occupancy rates also climbing, developers are increasingly looking to fast-track the delivery of high-demand inventory. According to ValuStrat, transaction volumes in premium communities like Al Raha Beach and Al Reem Island are growing steadily, with off-plan inventory becoming scarce. As a result, the secondary market has taken centre stage, benefiting sellers and landlords alike as prices firm up and listings shorten. While some analysts remain cautious about over-exuberance, citing global inflation concerns and fluctuating interest rates, the outlook for Abu Dhabi's housing market remains largely upbeat. Strong economic fundamentals, consistent oil revenues, and the UAE's broader economic diversification strategy continue to provide stability and investor reassurance. Relay experts argue that given the current demand surge, the real challenge may not be selling homes—but building enough of them. With fewer new launches and escalating interest in move-in-ready properties, the current trajectory suggests that supply constraints could intensify in 2026 unless more projects are greenlit soon. 'For now, Abu Dhabi's real estate market is in a sweet spot: undersupplied, competitively priced, and bolstered by confidence. The next 18 months will test how well developers and policymakers can sustain this delicate balance of growth and affordability,' they said.


Khaleej Times
an hour ago
- Khaleej Times
OPEC+ set to complete big oil output cut unwinding in Sept, sources say
OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the UAE's move to a larger quota, five sources said. The group, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep gasoline prices lower. OPEC+ began to unwind cuts of 2.17 million barrels per day (bpd) in April with a boost of 138,000 bpd. Hikes of 411,000 bpd followed in May, June and July, despite falling oil prices. On Saturday, the group approved a 548,000 bpd jump for August. Five sources familiar with the discussions said on Monday the group is likely to approve an increase of around 550,000 bpd for September when it meets on August 3. That will complete the return to the market of 2.17 million bpd from the eight members: Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria. It will also complete an additional 300,000 bpd output jump from the UAE as the country moves to a larger production quota, the sources said. The September boost if realised would bring total production increases since April to 2.47 million bpd or just under 2.5% of global demand. The rise would see Saudi Arabia pumping close to 10 million bpd and UAE some 3.375 million bpd. Opec+ has spurred bigger production increases since May, bringing forward the return of its own barrels to the market and effectively allowing the UAE to boost output quicker, returning to the original schedule of September 2025. "As the group has decided to accelerate the unwinding process, the UAE is benefiting from this speeding up of the quota increases," said Richard Bronze from Energy Aspects. OPEC+ still has separate cuts of 3.66 million bpd in place consisting of 1.66 million bpd in voluntary cuts and some 2 million bpd across all members, which expire at the end of 2026.