Emirates Reit profits up 194 per cent in first half as office rents grow | The National

Emirates Reit profits up 194 per cent in first half as office rents grow | The National:



"Emirates Reit has reported a threefold increase in first-half profits as rents and prices grew in Dubai’s long-stagnant office market.



The Sharia-compliant real estate investment trust said that net profits for the first six months of the year increased to US$34.15 million from $11.6m – a gain of 194 per cent – as rents in Dubai grew.



The news comes as the property agent CBRE reported that average prime office rents in Dubai’s central business district – an area around Downtown Dubai – rose 3 per cent in the three months to the end of June and by a total of 25 per cent compared to a year earlier to stand at an average of Dh1,884 per square metre per year."



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