The Dubai Financial Services Authority (DFSA) has announced that rules to permit the operation of real estate investment trusts (REITS) within the Dubai International Financial Centre (DIFC) have been introduced with effect from 6th August 2006.
The rules follow the approval on 1st August 2006 of the Investment Trust Law, DIFC Law No. 5 of 2006 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.
Commenting upon the new rules, DFSA Chief Executive David Knott noted that:
“In many of the world’s major capital markets REITS have become the most favoured method for attracting public ownership in property investments. They provide a convenient form for listed and tradable property ownership with transparent pricing and liquidity."
He continued that:
"The REITS industry attracts widespread investor support in countries including United States of America, Australia, Canada and Hong Kong.
"Under these Rules it will be possible to issue REITS for the first time in this region, utilizing the facilities of the DIFX. It will add a significant new dimension to the UAE’s property market.”
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