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Al Mal Capital, an asset management subsidiary of Dubai Investments, raised Dh350 million ($95.37m) through the public float of its real estate investment trust, or
Reit
.
Al Mal Capital Reit closed its initial public offering on December 8 and received regulatory approval to operate as a property
investment fund last week, the company said in a statement to the Dubai Financial Market on Monday.
The Reit will begin
trading on the Dubai bourse in January, once it receives final approval from the DFM and the Securities and Commodities Authority, it said.
“We are proud that we have successfully raised the required amount for Al Mal Capital Reit, especially during the unprecedented times we faced this year,” said Naser Al Nabulsi, vice chairman and chief executive of Al Mal Capital