ENBD Reit, the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, said its portfolio occupancy rate increased to 88 per cent, driven by leasing in flagship assets such as the Burj Daman in Dubai International Financial Centre.
"ENBD Reit's office portfolio occupancy growth remains positive, driven by leasing at our flagship DIFC asset," Anthony Taylor, head of real estate at Emirates NBD Asset Management, said in a statement on Monday.
“We have experienced strong tenant demand in Burj Daman, due to its prime location, making it a building of choice for international financial, legal and corporate advisory firms.”
Occupancy rose by 18 per cent to 74 per cent in total at Burj Daman since the end of December 2017, according to the statement. The uptick in occupancy at Burj Daman was driven by leases signed by two prominent international firms, as well as an existing tenancy expansion by a “well-known international law firm”, the statement added.
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The remaining leasable area of the reit’s two-and-a-half floors in the commercial part of the tower stands at 22,000 square feet across multiple units ranging from 3,000 sq ft to 6,000 sq ft.
ENBD Reit's total property portfolio value stands at $460 million, following its acquisition of The Edge tower in Dubai Internet City last October and the Souq Extra Retail Centre in Dubai Silicon Oasis for Dh210m in December.
ENBD Reit, which launched in March 2017, plans to expand its portfolio across different asset classes in 2018, including education, it said on Monday. Last year it acquired the Uninest student accommodation building in Dubailand and South View School in Remraam Community, which is scheduled to open this September.
“Our strong portfolio occupancy of 88 per cent across the office, residential and alternative asset classes continues to be supported by our proactive asset management philosophy, and our strategic acquisition of 100 per cent-occupied properties with long-term leases,” Mr Taylor added.
The company had a net asset value of $300m or $1.18 per share at the end of December 31, 2017.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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COMPANY%20PROFILE
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The five pillars of Islam
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Killing of Qassem Suleimani
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