TOP REITS IN THE MIDDLE EAST
1 EMIRATES REIT
Net Asset Value: $497 million
Country: U.A.E Established: 2010
Emirates REIT is the largest REIT in the region, with
11 properties, a net leasable area of 2.4 million square feet and a portfolio of nearly a billion dollars. Its portfolio consists of one retail, six commercial and four education companies, including the Index Tower, where it owns an office, loft offices in Dubai Media City, GEMS World Academy—a school in Al Barsha Dubai—and Trident Grand Mall, a community mall in Dubai Marina.
2 JADWA REIT SAUDI FUND
Net Asset Value: $423 million
Country: Saudi Arabia Established: 2018
Jadwa REIT Saudi Fund is a closed-ended Shariahcompliant real estate investment-traded fund managed by the Jadwa Investment Company. The primary objective of the fund is to provide investors with regular income by investing in income-generating real estate assets in the main cities of Saudi Arabia across different asset classes. The REIT is diversified, with assets in Riyadh, Al Khobar and Dammam.
3 BONYAN REIT
Net Asset Value: $395 million
Country: Saudi Arabia Established: 2018 Bonyan REIT is a Shariahcompliant publicly-traded closed-ended real estate investment fund established in Saudi Arabia. It has a diversified real estate portfolio of 10 properties, built by acquiring nine owned assets and one leasehold property, all of which generate current rental income. The funds properties are located in Riyadh, Dubai, Jazan, Madinah and Abha. Its total operating income was $16.3 million for the third quarter of 2019.
4 RIYAD REIT
Net Asset Value: $364 million
Country: Saudi Arabia Established: 2015 Riyad REIT's portfolio is composed of 11 properties distributed in four main cities in the Kingdom— Riyadh, Jeddah, Dammam and Khobar—as well as a property in Washington DC, U.S. across different real estate sectors. The main objective of Riyad REIT is to provide sustainable cash distribution with growth potential for unit owners through investing in developed real estate properties capable of achieving operational and rental income and periodically distribute the cash to the unit owner.
5 ALAHLI REIT 1
Net Asset Value: $311 million
Country: Saudi Arabia Established: 2017 AlAhli REIT 1 has real estate assets in the Jeddah area. The fund's properties include a shopping center and a hotel (Staybridge Suites Jeddah, Alandalus Mall). Additionally, in August the fund bought an 18-storey building with a leasable area of 29,921 square meters for $678 million. The main objectives of the fund are to provide periodic rental income and achieve growth in total assets value for unit holders by investing in developed ready-to-use income-generating real estate assets, and distributing at least 90% of net profits twice a year, in March and September.
6 AL RAJHI REIT
Net Asset Value: $292 million
Country: Saudi Arabia Established: 2017
Al Rajhi REIT is Al Rajhi Capital's first REIT, offering investors exposure to the real estate market. Its portfolio consists of 14 high-quality income-generating assets spread across multiple sectors. The company has invested in retail, office, educational, and logistics real estate, with the majority of the portfolio (50.9%) in the retail category. Geographically, 50% of its assets are in Riyadh, but it also owns property in Jeddah, Al Khobar and Khamis Mushait.
7 DERAYAH REIT
Net Asset Value: $269 million
Country: Saudi Arabia Established: 2017
Derayah REIT is a Shariah-compliant closedend real estate investment fund that invests in income-generating real estate assets. The fund aims to generate income on unitholders' capital by investing in a range of real estate opportunities in Saudi Arabia. The fund manager has appointed Saudi Century 21 and value experts as independent evaluators to appraise the fund's properties. The fund owns 15 assets across the Kingdom.
8 ENBD REIT
Net Asset Value: $255 million
Country: U.A.E Established: 2005
ENBD REIT invests in a wide range of properties, with a primary focus on the U.A.E., with the aim of providing consistent income generation to shareholders. ENBD REIT was founded in 2005. It has 11 properties valued at $437 million and an occupancy rate of 62% as of June 2019.
9 SWICORP WABEL REIT
Net Asset Value: $248 million
Country: Saudi Arabia Established: 2018 Swicorp Wabel REIT is a fund owned by Swicorp, based out of the Kingdom, with offices in Switzerland, Dubai and Tunisia. The fund has four assets in malls in Hafr Al Batin, a city in the eastern province of Saudi Arabia, Riyadh and Tabuk. The fund earned about $7 million in total income for the third quarter of 2019 and has total assets of $301 million.
10 MUSHARAKA REIT
Net Asset Value: $194 million
Country: Saudi Arabia Established: 2017
Musharaka REIT has about $267 million worth of real estate assets spread across the commercial, industrial, residential and hospitality sectors. These consist of nine properties, spread across 200,327 square meters and occupied by 17 tenants—all the funded properties are currently occupied. Musharaka Capital manages the fund.