ENBD REIT's investor relations team aims to provide investors with consistent and timely information in line with international standards, to ensure stakeholders are kept up to date in a clear and transparent manner, enabling them to make informed decisions and to arrive at a fair valuation for the security.
ENBD REIT is a Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management
ENBD REIT is a closed-ended investment company that was incorporated by the Fund Manager to invest in a diversified portfolio of Shari'a-compliant real estate assets in the UAE. On this page we will provide share information and trading history, earnings and dividend releases, as well as our financial statements, annual reports and presentations to the investment community.
If you have further questions, please do not hesitate to get in touch with the investor relations team.
Profile and History
ENBD REIT's principal investment objective is to generate income returns, complimented by capital appreciation from real estate assets.
Before re-domiciling to the DIFC, Emirates Real Estate Fund, the predecessor to ENBD REIT, had since inception in 2005 provided investors with a regular and stable source of income by way of annual dividends (with limited exceptions) and long-term capital appreciation in net asset value per share.
The Fund Manager, Emirates NBD Asset Management, is one of the leading asset managers in the GCC region with USD 5.9 billion assets under management as at 31st December 2022. It is a wholly owned subsidiary of Emirates NBD Bank PJSC, is based in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA).
Before listing on Nasdaq Dubai in 2017, ENBD REIT's predecessor, Emirates Real Estate Fund, delivered cumulative returns and consistently distributed dividends throughout market fluctuations, as shown below.
Performance History - EREF
*Source: Emirates NBD AM, A Share Class, bid to bid, USD terms with net income reinvested including capital distribution
Fund performance*
12 month return
4.80%
24 month return
13.06%
36 month return
29.65%
48 month return
44.59%
60 month return
57.46%
Since Inception
32.11%
*Source: Emirates NBD AM, Emirates Real Estate Fund A Share Class, bid to bid, USD terms with net income reinvested including capital distribution, as at 30th September 2016.
Ali is Group Director and CFO at Bahri & Mazroei Group, a diversified investment group established in 1968. Prior to this, Ali worked at Citibank N.A where he held various positions at the regional and country level including TMEA Business Planning & Analysis Head, UAE Regulatory Head, and Director of Citi Business. He is the director and Group CEO of Bahri & Mazroei Group. He is a Board Member of Dubai Financial Market (DFM) since 2010, National Bonds since 2011 and Taaleem Holding since 2016. Ali holds an MBA from Southern New Hampshire University and Bachelor of Business Administration from American University in Dubai.
Khalid has over 15 years of professional experience in management and board advisory, and has been an active member of various organisations and industries in the UAE, including Al Fahim Group (UAE), where he has held offices from business development to council member and executive management, most recently sitting as an advisor to the Board since 2012. He also represents the Group as a director of a number of its subsidiaries and affiliated companies. From 2010 to 2012, Khalid served as an Executive Director of Dubai Pearl. In 2007 he joined the UAE Professional Football League Assessment Committee and was later appointed to the first Board of the UAE Professional League. He is a partner of Quintessentially, the leading luxury lifestyle and concierge group, in Abu Dhabi, and since 2009 has served as a Director of the philanthropic Abdul Jalil Al Fahim & Family Endowment. Khalid holds a degree in Business Administration from the American Intercontinental University in London and a Master's degree in Diplomacy from the University of Westminster, London.
Rashed Mohammad Al Awadhi has over 15 years of real estate industry experience and is currently Chief Real Estate Officer at Wasl where he leads the team overseeing the portfolio of lands, freehold and leasehold, as well as the real estate development and property management departments. Throughout his career, Rashed held various key positions in the sector before joining Wasl. Since then, he has overseen iconic projects that have supported Dubai’s growth and development including Wasl1, Wasl Tower, Wasl Gate, Mandarin Oriental Jumeira, MGM Island Dubai and W Mina Seyahi. Rashed holds several Board directorships including with the Dubai Sports Corporation, Almak Finance, Jumeirah Golf Estates, Wasl Gate Development, and is a member of the Industrial and Investment Land Asset Management Committee of the Government of Dubai.
In addition to his position on the Board of ENBD REIT, Mark acts as an Independent Non-Executive Director on the boards of a number of collective investment funds investing in Commercial and Residential Real Estate; Private Equity; UK, European, African and MENA securities; and venture capital. Mark is a Chartered Certified Accountant, qualifying with KPMG in Jersey in 1995. He has over twenty five years' experience in the finance sector covering Audit, Finance, Banking and Funds, with his most recent focus on Funds Services. In 1998, he joined Standard Bank Jersey Limited, where he held a number of senior roles, including six years as a Director in their funds division. In 2011 he moved to JTC Group Limited where he was a Director in the fund services division. Since July 2015 he has been acting as an Independent Non-Executive Director. He has extensive experience in both conventional and Shari’a compliant structures, in a variety of regulatory jurisdictions. He is a fellow of the Chartered Association of Certified Accountants and is a Member of the Chartered Institute for Securities & Investment.
Khalid has over 15 years of professional experience in management and board advisory, and has been an active member of various organisations and industries in the UAE, including Al Fahim Group (UAE), where he has held offices from business development to council member and executive management, most recently sitting as an advisor to the Board since 2012. He also represents the Group as a director of a number of its subsidiaries and affiliated companies. From 2010 to 2012, Khalid served as an Executive Director of Dubai Pearl. In 2007 he joined the UAE Professional Football League Assessment Committee and was later appointed to the first Board of the UAE Professional League. He is a partner of Quintessentially, the leading luxury lifestyle and concierge group, in Abu Dhabi, and since 2009 has served as a Director of the philanthropic Abdul Jalil Al Fahim & Family Endowment. Khalid holds a degree in Business Administration from the American Intercontinental University in London and a Master's degree in Diplomacy from the University of Westminster, London.
Christopher is Head of Markets and Regional Development Director Middle East and South Asia at Mott MacDonald. In addition to his role on ENBD REIT's Investment Committee he is Co-Chairman of the Middle East Council for Offices, offering strategic advice on procurement, investment and development management. He is also a member of the RICS MENAT Market Advisory Panel, advising clients on strategy, risk, and major asset investments. Christopher has over twenty five years' experience in property and construction, including ten years with the Arcadis group of companies where he was an equity partner with EC Harris. In the last seven years he has worked in most of the Middle East's major cities, specializing in the commercial, retail, hospitality and infrastructure sectors. Christopher holds a Bachelor of Science degree and is a Fellow of the Royal Institution of Chartered Surveyors (FRICS).
James is a Chartered Surveyor with over 20 years international sector experience. He started his career in the UK working for leading real estate consultancies before moving to the UAE in 2010. Since then, he has held senior roles including at CBRE and as a Partner and Head of Commercial Valuation for Cavendish Maxwell before co-founding Allanton Group, a boutique firm providing development, investment and asset management solutions focused on the UK market. He holds a BA(Hons) in Business Studies, a MSc in Estate Management and is a Member of the Royal Institution of Chartered Surveyors (MRICS) since 2004.
Abdulla is CEO of the Dubai Islamic Economy Development Centre (DIEDC), with responsibility for delivering the 'Dubai: Capital of Islamic Economy' strategy. Prior to his role at DIEDC he was CEO of Dubai International Financial Centre (DIFC) from 2009 to 2012. Under his leadership, DIFC was ranked the region's leading financial centre from 2009 to 2012, with average year-on-year client growth of 13%. Abdulla has served as member of several committees and boards including the Economic Committee of the Executive Council of Dubai, Dubai Free Zones Council, Bourse Dubai and the Emirates Real Estate Fund Limited (Jersey). He holds a Bachelor of Science degree in Business Administration from the University of Colorado (USA) and is a graduate of the Mohammed Bin Rashid Program for Leadership Development, conducted in affiliation with Cranfield University (UK), IMD and INSEAD.
Hari has over 20 years’ experience in financial services regulation, being part of the development team of 2 regulators (UK FSA) (DIFC DFSA) and advised 2 other financial services regulators on the systemic implications of Islamic finance. She was part of the financial centre development of the DIFC, including the legal and regulatory framework for the centre. She has also been a consultant to the US FSVC on financial sector development. Her early career began at Goldman Sachs International, London. She has authored numerous publications on regulation and has delivered training for the CASS MBA and CISI, including launching the CISI IFQ into new markets, such as Singapore.
Hari holds an LL.M Commercial, Corporate and IP Law, Diploma in Legal Practice, and Certificate in Blockchain and Certificate in Artificial Intelligence.
Hari has been involved in FinTech development, including developing an outsourced Compliance and Risk tool, AML interface for a digital wallet, and advised on digitalised financial services.
Hari oversees Apex’s Global Compliance solutions line following the acquisition of Praesidium, a risk and regulatory advisory practice that provides compliance and AML services to global financial services institutions.
James has over 30 years experience as a finance professional in the UAE and UK working within industry, the accounting advisory profession and on the regulatory side.
Most recently James was the Chief Financial Officer (CFO) at Emirates Food Industries (2016 – 2021) one of the UAE’s leading Agro-Food businesses where he played a key role in driving forward the strategy and performance of the group. Prior to this he was CFO at Emirates REIT Management (Private) Limited for three years (2013 - 2016). While at Emirates REIT James raised over USD200 million from GCC and UK investors on a Nasdaq Dubai listing and led multiple financing transactions, raising over USD300 million to fund acquisitions and the growth of REIT. James has significant experience preparing companies for IPO and fund-raising events and has worked closely with both large and SME organisations at Board level. He holds a Bachelor of Science Honours in Biochemistry from Liverpool University and has qualifications from the Institute of Chartered Accountants England and Wales (ACA) and the Chartered Institute for Securities and Investments (FCISI).
Dr. Mohamed Ali Elgari is a Professor of Islamic Economics and the former Director of the Centre for Research in Islamic Economics at King Abdul Aziz University in Saudi Arabia. He is a member on the editorial board of several academic publications in the field of Islamic Finance and Jurisprudence. He is also an advisor to numerous Islamic financial institutions including the Shariah Board of the Dow Jones Islamic Index.
Dr. Mohd Daud Bakar is the Chairman of Amanie Group and was previously the Deputy Vice-Chancellor at the International Islamic University Malaysia. He is currently the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, and the Shariah Supervisory Board of the International Islamic Liquidity Management Corporation. He is also the Shariah board member of the Dow Jones Islamic Market Index, Muzn Islamic Banking (Oman), BNP Paribas (Bahrain), Morgan Stanley (Dubai), amongst others.
Dr. Muhammad Amin Ali Qattan is currently Director of Islamic Economics Unit, Centre of Excellence in Management at Kuwait University. He also serves as the Shariah advisor to many institutions including S&P's Shariah Indices, Al Fajer Retakaful, among others. Dr. Qattan holds a PhD in Islamic Banking from Birmingham University, UK.
Dr. Osama Al Dereai is a renewed Shariah scholar and experiences lecturer, researcher and consultant in the field of Islamic Finance. He is a Shariah board member of various financial institutions which include the First Leasing Company, Barwa Bank, First Investment Company and Ghanim Al Saad Group of Companies. He holds a PhD in Islamic Transactions from University of Malaysia.
Samir Kazi is a real estate professional with over 20 years of experience across corporate finance, asset management and development. Previously Director of Strategy and Business Development at AW Rostamani Real Estate, he was responsible for the UAE and international real estate portfolios. Prior to that, he held senior leadership roles at SEDCO Holding as Head of Corporate Real Estate Investments and Dubai World. Samir holds a MBA from Warwick Business School and has completed various executive programmes at Harvard and Wharton Business Schools.
Jonathan joined the EREF team as Transactions Manager in 2015. Before joining Emirates NBD Asset Management Limited he was Associate Partner, Commercial Leasing at Knight Frank UAE, Associate Director, Professional Services at Cluttons Middle East in Bahrain and Investment Surveyor, Professional Services at Tudor Toone in London. Jonathan has been a qualified Chartered Surveyor since 2010, with nine years commercial real estate experience, of which seven have been spent in the Middle East. He holds an MSc in Real Estate Finance & Investment from the University of Reading (UK) and a Bachelor of Arts (Hons) in Management Studies from the University of Leeds (UK). He is a Member of the Royal Institution of Chartered Surveyors (MRICS).
Soumia transferred to the ENBD REIT team from ENBD Properties in July 2018. She is responsible for managing a portfolio focused on mixed properties overseeing its financial performance and overall operational efficiency. As an asset manager, Soumia liaises between tenants, third party service providers and local government on all property related matters ensuring strategies are implemented to enhance overall value of investments. Soumia has over 12 years of experience in Real Estate Sales and Property Management in Europe, Morocco and UAE.
Sooraj has over thirteen years' experience in real estate having started his career as a Sales Administrator at Better Homes, focusing on residential and commercial sales. Prior to joining the ENBD REIT team, Sooraj was a Property Manager at Better Homes and Sweid & Sweid. He currently manages The Edge Building and Al Thuraya 1 to ensure properties are maintained to high standards and tenant requirements are addressed in a timely manner.
John has been a member of the ENBD REIT team since May 2017. His role involves gathering, examining and analysing all accounting and financial data, evaluating internal auditing controls, and supporting the preparation of the REIT's quarterly Net Asset Valuation (NAV). He holds a bachelor's degree in accountancy. He is a Certified Internal Auditor from the Institute of Internal Auditors (USA), a Certified Management Accountant from the Institute of Management Accountants (USA) as well as a Certified Public Accountant (USA).
Veena was a member of the Emirates NBD Asset Management team for the last 10 years before transferring to ENBD REIT in 2018. She has played a key role in the various business units within Asset Management including product development, real estate fund operations and asset management operations. As an Operations Specialist, Veena provides support on financial and administrative tasks to ensure all operational policies and standards are met. She holds a BA in Psychology and Sociology.
Kiran has been a member of the ENBD REIT team since 2013. She is responsible for reporting, scheduling and management of other documents related to expense management. Kiran provides operational support during internal and external audits and handles receipting within the property management system.
Investors in UAE stock markets need to set up a National Investor Number, often referred to as a NIN, which is a unique number enabling investors to trade any securities that are listed on NASDAQ Dubai or other UAE exchanges in their own name. If you want to apply for a NIN, you can visit the NASDAQ Dubai website or contact your broker to apply.
The trading hours of the exchange are 10am to 2pm Dubai time (6am to 10am GMT) Sunday to Thursday. Please click here for more information, or for specific information on REITs, please click on Trading REITs on NASDAQ Dubai
REITs are primarily aimed at investments in income-generating properties, providing investors with the opportunity to access the real estate asset class. REITs typically provide their shareholders exposure to a variety of real estate assets through a single investment instrument.
There are four key benefits to investing in a REIT. First, there is the flexibility of adjusting the amount you invest to suit your financial resources. Second, you can access a portfolio of properties with diverse income streams, rather than relying on a single property/asset. Third, REIT investors tend to have better access to liquidity, because trading shares in a REIT on the public markets is generally easier, cheaper and faster than selling a physical real estate asset. Finally, investing in a REIT is simple; owning shares in a REIT is straight-forward and pays a dividend.
ENBD REIT is listed on Nasdaq Dubai, under ticker symbol ENBDREIT. For more information, contact Investor Relations, Emirates NBD Securities, or your preferred broker.
ENBD REIT shares are listed in USD. Please contact your broker for further details regarding foreign currencies.
ENBD REIT aims to invest in Shari'a compliant and income generating real estate with a primary focus on the UAE. The principal investment objective of the REIT is to provide investors with a regular source of income (by way of annual dividends of at least 80% of its net audited annual income) and capital appreciation.
As at 30th September 2023, and based on the market valuations of the properties as carried out by third party independent valuers, 67% of ENBD REIT's portfolio was comprised of offices while 16% of the portfolio was comprised of residential property and 17% of alternative assets.
The existing office and residential real estate portfolio is valued at USD 379m as at 30th September 2023.
Yes. ENBD REIT is targeting an asset allocation of: 64% office units; 17% residential units; and 19% alternative real estate sectors (including industrial, education, healthcare and hospitality). Exact sector allocation may not always be maintained given the value and availability of real estate assets, however the allocation above provides guidance on ENBD REIT’s target asset allocation given current market conditions. The asset allocation is also expected to change from time to time, depending on market and other conditions, at the Fund Manager’s discretion.
ENBD REIT is a closed-ended investment company with limited liability registered in the Dubai International Financial Centre (DIFC) with registration number 2209 and managed by Emirates NBD Asset Management Limited, which is also domiciled in the DIFC and is regulated by the Dubai Financial Services Authority (DFSA).
The minimum number of shares that an investor may hold in ENBD REIT is one share. While there is no maximum number of shares that an investor may hold, once an investor holds over 5% of ENBD REIT’s share capital, certain legal obligations will be applicable.
There are no foreign ownership restrictions for holding equity in ENBD REIT.
ENBD REIT intends to pay dividends on a semi-annual basis, as at 31st March and 30th September.
ENBD REIT’s financial calendar ends on 31st March, so the audited annual accounts will be published after that date.
ENBD REIT has appointed CBRE and Cavendish Maxwell as independent valuers for its portfolio. The regulatory requirement is to value semi-annually, but management are of the opinion that quarterly valuations are preferable, therefore the Net Asset Value of the portfolio, including the NAV per share, will be published every quarter end, in June, September, December and March. As the portfolio grows, the REIT may appoint additional valuation companies according to a rotation policy, in line with global best practice.
Emirates NBD Asset Management Limited has been appointed as the Fund Manager of ENBD REIT. Emirates NBD Asset Management is established in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority as a Category II Firm and is the wholly owned asset management business of Emirates NBD Bank, one of the largest banks by assets in the MENA region. Emirates NBD Asset Management provides a full range of investment solutions, from in-house managed public funds to tailor-made discretionary solutions. It manages funds across asset classes, including MENA equity and global fixed income funds, global risk profiled funds, UAE real estate, and a complete range of Shari'a compliant instruments, structured to cater for diverse risk appetites.
The funds managed by Emirates NBD Asset Management are domiciled in either Jersey (regulated by the Jersey Financial Services Commission), Luxembourg (regulated by the Commission de Surveillance du Secteur Financier) and in Cayman Islands (regulated by the Cayman Islands Monetary Authority). For further details, please click here
Emirates NBD Asset Management offer the following products and solutions:
Public mutual funds that cover regional and global equity and fixed income, including conventional and Shari’a compliant strategies and real estate
Discretionary and non-discretionary portfolio management, tailored to a specific client’s requirements, both conventional and Shari’a compliant solutions
Emirates NBD Asset Management manages a range of Jersey, Luxembourg and Cayman based funds across a broad range of asset classes and geographies, including traditional cash management, equity, fixed income, real estate and alternative strategies, with both conventional and Shari'a compliant options available.
All transactions are approved by ENBD REIT’s Investment Committee, the members of which are 100% independent of Emirates NBD. Therefore, any transactions concluded between Emirates NBD and ENBD REIT will be considered entirely on the merits of the particular transaction and at arm’s length. Furthermore, as part of the due diligence process for transactions, an independent third party valuation is required to confirm the price is at market value. DFSA regulations require shareholders’ approval if the related party transaction is more than 5% of the REIT.
Additionally, any transaction agreed between ENBD REIT and Emirates NBD would be deemed a related party transaction under the DFSA regulations, therefore would also require approval from the Oversight Committee which comprises three independent members.
The Fund Manager's current AUM as of 31st December 2023 is USD 6.5bn.
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1 Further capital distribution paid during this quarter
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