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Dubai Investments plans to set up AED 2bn real estate fund

Dubai Investments plans to set up AED 2bn real estate fund
The new fund is forecast to be launched in four weeks
Dubai Investments
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Dubai – Mubasher: Dubai Investments is looking to set up a real estate fund worth AED 2 billion ($544.5 million) in the near future, CNBC reported, citing the firm’s managing director and CEO as saying.

The firm’s contribution to the fund is projected to range from 40% to 45%, Khalid bin Kalban added.

The new fund, which has already obtained the final regulatory approvals, is forecast to be launched in four weeks, he revealed.

In addition, the fund will be listed on the Dubai Financial Market (DFM) with expected cash dividends of 7% per year.

Dubai Investments, a Dubai-based investment group, is also in talks with four potential investors to sell 30% of its stake in Emirates District Cooling (Emicool), the CEO noted, revealing plans to retain 30% of its capital as liquid assets.

Cash inflows to the real estate sector amount to nearly AED 1 billion annually, while debt-to-equity ratio registered 35%.

For the full-year 2018, Dubai Investments logged a 53.53% year-on-year drop in net profits to AED 651.38 million.