Real Estate Masdar Green REIT acquires $254m sustainable real estate By Pramod Kumar November 22, 2022, 6:30 AM WAM Masdar Green REIT was launched in December 2020 with an initial portfolio valued at AED 948 million at Masdar City Masdar Green REIT, the UAE’s first real estate investment trust to invest in sustainable real estate assets, has completed the acquisition of property worth AED 934 million ($254.28), raising its portfolio value to AED 1.91 billion, the UAE state-owned WAM news agency reported. The announcement follows a $200 million green loan secured from First Abu Dhabi Bank in January to help finance the REIT’s growth. The fund’s latest acquisitions include two fully occupied, LEED Platinum-rated buildings within Masdar City – the head office of Abu Dhabi Quality and Conformity Council, and Etihad Airways’s Eco Residences complex. The third property acquired is LEED Gold-certified Technology Innovation Institute headquarters. All three assets have achieved a 3 Pearl rating under the Abu Dhabi Estidama Pearl building rating system. Anthony Taylor, senior executive officer of Masdar Capital Management Limited, said: “Climate-resilient development is essential if we are to reach net zero. The fact that the REIT has more than doubled in assets in the two years since incorporation underlines the potential for sustainable real estate development in the region.” Masdar Green REIT was launched in December 2020 with an initial portfolio of four commercial properties valued at AED 948 million at Masdar City. Masdar Green REIT is now targetting professional investors for cornerstone equity participation as it grows its portfolio with additional, pre-identified sustainable assets, within Masdar City and across the UAE, the report said.
Aviation Riyadh Air delays launch after Boeing setbacks Riyadh Air has been forced to push back its launch date to the third quarter of 2025 after delays to deliveries from Boeing. The new Saudi airline had been scheduled to begin flying early this year. It is a blow to Saudi Arabia’s tourism ambitions to attract 150 million visits a year. Riyadh Air was founded […] 22 hours ago
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] 24 hours ago
Manufacturing China’s Geely opens Mena’s first car assembly plant in Egypt China’s Geely Auto has opened its first car assembly plant in the Middle East and North Africa near the Egyptian capital to produce 10,000 vehicles per year for the domestic market and up to 30,000 for export. Cairo-based Auto Mobility company (Geely Egypt), said it has invested around $100 million in the new car assembly […] 1 day ago
Logistics Emirates increases capacity to meet rising cargo demand Dubai national carrier Emirates Airline has taken delivery of two additional aircraft to increase capacity and meet growing demand for its cargo service. The company has signed multi-year leasing deals for two Boeing 747 freighters, which have raised Emirates’ cargo capacity by 15 percent, the airline said in a statement. Emirates SkyCargo transported almost 1.2 […] 1 day ago