ENBD Reit (CEIC) Plc, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, on Wednesday announced the completion of its share buy-back programme.

The programme was implemented through the UAE-based broker Shuaa Securities LLC via the order book of Nasdaq Dubai, ENBD Reit said in a statement to Nasdaq Dubai.

Up to $3.5 million were raised for the programme to facilitate the acquisition of nearly 4.401 million shares.

The share buy-back programme, which was effective from 21 February 2019 until 30 September 2019, was executed at an earlier date on 9 September 2019.

The programme comes as part of ENBD Reit's strategy to realise value for shareholders holding equity.

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said: “The rationale for implementing the buy-back was to realise value for shareholders by repurchasing shares that were trading at a significant discount to the market valuations of our underlying assets.”

“Other benefits of the programme included improved liquidity for our stock and preventing disproportionate movements in the share price, which had been caused by small trades prior to the programme commencing. The buy-back did not result in an improved share price, which continues to be affected by soft real estate and equity market conditions, but we are pleased with its overall outcome and may look to continue it in the future,” he added.

ENBD REIT’s ability to pay dividends and acquire further assets were not affected by the programme.

By: Abdullah Bedeir

Cairo – Mubasher: Egyptian Ministry of Housing’s New Urban Communities Authority (NUCA) signed a memorandum of understanding (MoU) with BESIX Group and Orascom Construction Plc to establish a waste-to-fuel plant in west Cairo.

The fuel to be produced by the public private partnership (PPP) project will be used to power cement plants, Egypt’s minister of housing Assem El-Gazzar said in a statement.

NUCA will provide the plant with the required feedstock which amounts to 2,000 tonnes of solid waste per day during the 15-year concession period starting from the date of commercial operation.

Moreover, NUCA will also contribute 10% to the project’s costs by providing the required land.

In July, FAS Energy, a subsidiary to Saudi Arabia’s Fawaz Abdulaziz Alhokair Co, signed an MoU with NUCA to develop a waste-to-energy project to serve new cities in east Cairo. 

UAE - Mubasher: Azizi Developments, a leading private developer in the UAE, announced the launch of new units at its Creek Views project in Dubai Healthcare City.

The official launch is set to take place next Saturday, 14 September 2019, at the FIVE Palm Jumeirah Hotel, according to a press release.

Construction work at Creek View’s 100% freehold residences is 24% complete, Azizi Developments noted.

Creek View’s 100% freehold residences are in perfect alignment with the rising demand for residential projects in Dubai Healthcare City Phase 2, which is rapidly coming to life., with 24% of its construction already having been completed.

Situated on the iconic Dubai Creek in Dubai Healthcare City, the 20-storey development features 634 residences, comprising 396 studios, 218 one- and 20 two-bedroom units, a 33,341-square-feet of premium retail space.

Farhad Azizi, CEO of Azizi Developments, said: “This exceptional development is one of the very few freehold residential projects in the second phase of Dubai Healthcare City, and perfectly caters to the high demand for quality homes in this blossoming area. Creek Views embodies the rapid progression and forward-looking spirit of the great city of Dubai.”

Prices start at AED 522,000 for studios, while the prices of one- and two-bedroom units start at AED 848,000 and AED 1,756,000 respectively.

Azizi Developments offers buyers an attractive payment plan for Creek Views, upon which they can pay only 1% on booking, followed by 13% 14 days after booking, 10% 45 days after booking, 2.5% every following month, and the remaining 50% upon completion.

Residents of Creek Views will enjoy a luxurious lifestyle with amenities including an all-inclusive health club, comprising a swimming pool, a fully-equipped gym, a sauna, a steam room, and a serene outdoor yoga space.

Dubai – Mubasher: Emaar Properties, a leading global real estate developer based in the UAE, was ranked the 14th among the world’s strongest real estate firms in 2019, according to a recent report by Brand Finance.

The brand value of Emaar was estimated at $2.7 billion (around AED 9.9 billion), which is the most valuable brand on Brand Finance’s real estate ranking for 2019, the report showed.

The property developer, listed on the Dubai Financial Market (DFM), is expected to maintain boosting its brand value due to its large-scale projects, such as the Dubai Mall, the world’s largest shopping centre, and the Burj Khalifa, the world’s tallest building, the report highlighted.

Last week, Emaar Properties revealed it had raised $500 million from the sale of the 10-year US dollar-denominated sukuk.

In August, the real estate giant said it had logged a net profit of AED 3.110 billion ($847 million) for the first half of 2019 and generated revenue of AED 11.569 billion ($3.150 billion) for H1-19.

Dubai – Mubasher: Emaar Properties has signed the final terms of issuing $500 million trust certificates.

These certificates carry an annual return of 3.875% and will be matured in 2029, according to a disclosure to the Dubai Financial Market (DFM) on Tuesday.

Emaar Properties clarified that this disclosure comes with reference to the announcement on 3 September that covered the arrangement of “fixed income investors meeting in Singapore, Hong Kong, and London on 6 September regarding the possible offering of a USD Regulation S senior unsecured sukuk with a 10-year tenor offering under the company’s $2 billion Trust Certificate Issuance Programme.”

UAE – Mubasher: The real estate sector in Dubai has achieved positive performance in 2018, boosting the emirate’s GDP growth, according to a report released on Tuesday by the Dubai Land Department (DLD).

Dubai’s GDP grew by 1.9% to AED 398 billion last year, compared to AED 390 billion the year before.

Moreover, the real estate sector’s contribution to GDP growth recorded 13.6% in 2018, up from 6.9% in 2017, DLD’s data showed.

Real estate transactions

Last year, real estate transactions in Dubai reached 53,000, generating a value of AED 223 billion.

“The Business Bay area ranked first in terms of the number of real estate transactions with over 4,000 transactions. It also maintained the first position in transaction value with over AED 11 billion,” the DLD revealed.

Investors’ nationalities

Emiratis’ investments dominated Dubai’s real estate market in 2018, with a total value of more than 10 billion, followed by Indians, which pumped AED 8 billion investments into the market last year.

Projects

As per DLD’s report, the number of real estate projects completed in Dubai during 2018 equalled 62, including buildings, villas, and villa complexes.

Meanwhile, the number of projects launched in the emirate last year hit 84, comprising 20,000 units.

As for underway projects, their number reached 102 in 2018, expected to deliver 130,000 units.

The rental market

The number of newly-leased contracts in Dubai reached 246,509 last year, while renewed lease contracts amounted to 251,409 in the same period.