The Gulf Cooperation Council (GCC) region holds the seed for a rather good potential for real estate investment trusts (Reits), according to a report.
"There is good potential for Reits in the region with the UAE, Qatar and Kuwait ranked respectively as first, third and fourth highest percentages of millionaire households in the world," Kuwait and Middle East Financial Investment Company said in a report.
In addition, huge opportunities in undeveloped real estate in Saudi Arabia signalled a good potential for Reits, where investors hold $267 billion (Dh981bn) in Shariah-compliant assets as of August 2008. Remarkably, amid the financial crisis, a Kuwait- based Reit – Markaz Real Estate Fund established in 2003 – announced 10.4 pr cent total annual return; seven per cent cash and 3.38 per cent capital gain paid on a monthly basis payments, reportedly in September 2009.
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