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Dubai Holding is planning to set up a real estate investment trust (REIT) to capitalise on the emirate’s booming property market, Bloomberg reported today.
Citing people familiar with the matter, the report said Citygroup Inc, HSBC Holdings PLC and Emirates NBD Capital have been lined up for the trust offering.
Developers Dubai Properties and Meraas are part of Dubai Holding. In March, the group announced that developers Nakheel and Meydan, which owns Dubai’s racecourse, were to be merged and incorporated under the conglomerate.
Hospitality group Jumeirah Hotels and & Resorts, which owns the city’s seven star hotel Burj Al Arab as well as a luxury hotels across the city and the Middle East, Asia and Europe, is also included in the holding company.
The move is designed to allow investors exposure to prime income-generating assets, the report said, including some community developments recently transferred to Dubai Holding.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
