Al Mal Capital Raises USD 95 Million Through an Initial Public Offering for its Property Fund

Based in the United Arab Emirates (UAE), Al Mal Capital has received USD 95.3 million from the initial public offering (IPO) of its real estate investment trust (REIT). Following the IPO, Al Mal Capital’s property fund will be listed on the Dubai Financial Market on the 21st of January 2021.

According to a statement issued by the firm, the money raised will be used by Al Mal Capital to invest in a variety of income-generating assets, along with additional capital raised via Shariah-compliant financing from domestic banks.

The statement notes that the REIT has an annual return of 7%, whilst targeting high-performance sectors in the UAE such as education, healthcare and industrial assets for its investments.

Naser Al Nabulsi, Vice Chairman and Chief Exec...