Dubai – Mubasher: Equitativa, the largest REIT manager in the GCC and manager of Emirates REIT, on Wednesday announced that it will distribute its first interim dividend payment for Emirates REIT’s financial year 2018 by the end of January.
Emirates REIT is the UAE’s first regulated sharia-compliant Real Estate Investment Trust listed on Nasdaq Dubai.
The interim dividend of the six-month period ended 30 June 2018 worth $11.98 million, or $0.04 per ordinary share, representing an annualised dividend yield of 8.6%, Equitativa said in a statement.
Equitativa is to continue to distribute dividends to shareholders of the REIT twice a year.
On the other hand, the company has appointed Al Ramz Capita, a UAE-based public shareholding company, as liquidity provider for Emirates REIT, according to the statement.
According to the deal, Al Ramz Capital will be providing pricing for the purchase and sale of REIT shares in a bid to increase the liquidity following regulations set out by the DFSA, SCA and Nasdaq Dubai.
“The purpose of appointing Al Ramz Capital LLC as liquidity provider is to improve the liquidity for Emirates REIT shares which in turn would enhance the daily volumes, benefiting investors,” the statement said.
The new decision will reduce volatility and tightens trading spreads, making the shares more attractive to institutional and retail investors.
By the end of November 2018, Emirates REIT’s net asset value stood at $531 million, or $1.77 per share.
