Emirates REIT Reports Record $74 Million Property Income | Kanebridge News
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Emirates REIT Reports Record $74 Million Property Income

Emirates REIT, a Shariah-compliant real estate investment trust, reported a significant achievement in its financial performance for the year 2023.

Thu, Apr 18, 2024 9:36pmGrey Clock 2 min

In 2023, Emirates REIT experienced a notable advancement in its financial performance, with property income reaching a new high of $74 million, marking a 10% increase from the previous year.

The REIT announced a 10% increase in its total property income, reaching a record $74 million. This growth is notable, especially when considering like-for-like comparisons, where the growth rate was an impressive 13% after excluding divested assets.

Record Growth and Asset Expansion

The fiscal year 2023 was a landmark for Emirates REIT, with net operating profits surging by 37% to $44 million and net profits growing by 55% to $127 million from the previous year.

This robust financial performance is attributed to an 18% increase in the fair value of its investment property portfolio, which now stands at $924 million. Moreover, the REIT’s total assets crossed the billion-dollar mark, hitting almost $1.04 billion, with a net asset value increase of 34% year-on-year, resulting in a NAV per share of $1.57.

Thierry Delvaux, CEO of Equitativa

Thierry Delvaux, CEO of Equitativa, highlighted the strategic optimization of asset performance as a key driver of these results. The diversified portfolio includes premium commercial, retail, and educational assets in Dubai, all showing positive trends. Occupancy rates in these properties increased to 86%, with passing rental rates rising by 10% to AED 1,809 per square meter. Notably, the Index Tower in the Dubai International Financial Centre maintained an 88% occupancy rate and saw an 11% increase in passing rents.

Delvaux praised the asset management team for their efficiency improvements across the portfolio, which he credited for delivering substantial value to shareholders, tenants, and partners.

Launched in 2010, Emirates REIT stands as the UAE’s first Shariah-compliant REIT and is listed on Nasdaq Dubai.



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

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