Al Mal Capital REIT announced an interim dividend of AED 15,416,697 following a strong financial performance, enhanced by the acquisition of Carnation Education LLC.

Target Information

Al Mal Capital REIT ("AMCREIT") is the inaugural Real Estate Investment Trust (REIT) listed on the Dubai Financial Market (DFM) and is regulated by the Securities and Commodities Authority. The trust is managed by Al Mal Capital PSC, a subsidiary of Dubai Investments PJSC. Recently, AMCREIT announced an interim dividend totaling AED 15,416,697 for the six months ending June 30, 2024, which reflects a significant increase from AED 12,252,240 for the previous six-month period ending December 31, 2023. This interim dividend amounts to AED 3.00 fils per unit and corresponds to the enhanced equity raised through a rights issue conducted in April 2024, marking a pivotal distribution for both existing and new unitholders following the successful completion of this rights issuance.

The anticipated income from the acquisition of Carnation Education LLC, expected to conclude by the end of June 2024, is forecasted to be accretive to AMCREIT's overall returns starting in the second half of 2024. AMCREIT has set the entitlement date for the interim dividend distribution to unit holders as August 22, 2024.

Industry Overview

The real estate sector in the United Arab Emirates, and particularly in Dubai, has showcased robust growth and resilience in recent years, buoyed by the increasing demand for educational and healthcare fac