Dubai-based Emirates REIT has appointed a former Abu Dhabi Islamic Bank (ADIB) banker as CFO as it looks to reduce its sukuk debt by a December deadline.

Mike Davis, who previously served as global head of whole-sale banking for ADIB and group head of corporate banking for Bank ABC in Bahrain, is the new CFO of the REIT, replacing Sheikh Muhammed Moeen and effective immediately, a Nasdaq Dubai statement said.

The REIT announced in June that it would exercise a one-year extension option on its existing sukuk, but under its terms it is still required to reduce the outstanding amount by the original maturity date.

The REIT said in August that it had reduced the outstanding amount to $304 million following the sale of Trident Mall in Jumeirah Beach Residence, but it has until December to reduce the amount to $230 million.

Options including a new sukuk and further asset sales are being considered. 

(Writing by Imogen Lillywhite; editing by Brinda Darasha)
imogen.lillywhite@lseg.com