Dubai Investments subsidiary Al Mal Capital’s real estate investment trust (REIT) saw its net income rise 73% y-o-y to AED 34.5 mn in 2023, according to the company’s financial statements (pdf). The company’s topline almost doubled, growing 93% y-o-y to AED 44.8 mn over the year. Al Mal Capital’s total assets also jumped 75% y-o-y to AED 624 mn in 2023.

The real estate fund attributed the robust performance to the acquisition of two schoolsthat were leased to Gems Education, resulting in “deployment of a major part of unitholders’ equity, increased lease rental income, and upscaling the dividend payout to achieve the target dividend return of 7%.”

Looking ahead: “The fund is seeking to upscale the unitholders’ capital in 2024 and is working towards a capital offering to shore up the equity base to acquire new assets and grow the portfolio.”

ICYMI- Al Mal recently said it plans to issue 400 mn new units at a price of AED 1.1 per unit, leading to a share capital increase of AED 790 mn if fully subscribed.

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