A "Dubai Holding" property fund is increasing by more than 10% on the first day to spread on the Emirates Stock Exchange

A large real estate investment fund belonging to the Dubai Holding Company, owned by the Emirate government, began its trading on the Dubai Stock Exchange by increasing more than 10% today, while the momentum continues in the real estate market, which attracts the attention of investors, amid the fluctuations of the world markets. The Dubai Rit Housing Fund closed at 1.25 dirhams per unit from the initial offer price of 1.1 dirhams per unit, bringing the market value of the fund as a whole to about $ 3.9 billion. This coincided with the rise of the Dubai Stock Exchange Index for the fifth day, closed at a height of 0.4%, in its largest daily profits since May 19. The $ 584 million subscription, which is the first on the Dubai Stock Exchange since the beginning of the year, has attracted $ 15 billion requests. Dubai Holding reinforced the size of the offer and received a request for all shares within minutes of opening the subscription door, indicating a great demand for investors. The benefit of real estate momentum in Dubai is witness to the real estate market in the emirate, which is an important financial and tourist attraction in the region, as a question from investors from all over the world as well as residents of different nationalities. The offer comes at a time when a state of cautious anticipation prevails in the global markets due to the chaos of US customs duties in which the region was not affected as the countries subjected the minimum fees by 10%. The real estate market in the emirate is currently attracting a new wave of “Wall Street” investors. Brokfield Corp is studying the development of a multi -use residential project in the Dubai Hills neighborhood, to be the first investment in the residential sector in the region, and a real estate management enterprise is also being investigated by ‘Themesk Holdings PTE’ of the City’s Cengvorah City, which is currently looking for investment opportunities. The prices in the Dubai real estate market have risen by up to 70% over the past four years. The emirate has seen a stream of new residents being attracted since the corona virus in the pandemic thanks to the ease of obtaining visas and low taxes, which strengthened the demand for housing and offices. The Dubai Rit Housing Fund will be the first entity listed of its kind in the Gulf cooperation council countries focusing on residential leasing, with a total value of assets of 21.6 billion dirhams, which, according to the company, are almost twice the total assets of the five largest real estate investment funds.