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The Al Mal Capital REIT, the first IPO on DFM for some time, will list shares in January. Image Credit: Antonin Kelian Kallouche/Gulf News

Dubai: Dubai's first IPO (initial public offering) in some time, Al Mal Capital, raised Dh350 million for its real estate investment trust (REIT). The issue. which closed its subscription on December 8, will be listing its shares in January.

With the funds in place, Al Mal Capital REIT plans to acquire a diversified portfolio of properties with long-term lease agreements. The IPO proceeds along with Islamic financing from local banks will be utilized to invest in such a portfolio spanning healthcare, education and industrial assets. The intended annual return is 7 per cent.

The last IPO on DFM was Emaar Development's in late 2017.

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“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 CEO of Al Mal Capital. "We are confident that the REIT will continue to meet investors’ needs, as we begin to purchase and acquire income generating real estate assets.”

Al Mal Capital REIT will be the first such to list on the DFM. It will focus on acquiring onshore and offshore assets in the UAE.