Dubai’s Al Mal Capital REIT raises AED 210mn in oversubscribed public offering

Al Mal Capital REIT, the first real estate investment trust listed on the Dubai Financial Market (DFM), has successfully raised AED 210 million through a follow-on public offering (FPO), the company announced on Tuesday.

The offering drew strong demand from both existing and new investors, highlighting a growing appetite for regulated income-generating real estate vehicles in the UAE and broader Gulf region.

Units were priced at AED 1.125 per unit, inclusive of a subscription fee, with trading of the newly issued units expected to begin on the DFM between August 8 and 15, subject to final regulatory approvals.

“This successful raise demonstrates the trust investors continue to place in our vision and portfolio,” said Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital. “The capital infusion will enable us to further expand our holdings, continue our growth trajectory and deliver attractive returns to our unitholders.”

The REIT, regulated by the UAE’s Securities and Commodities Authority (SCA), focuses on income-generating real estate assets in resilient sectors including healthcare, education, and industrials. Since 2023, it has maintained a steady 7 per cent annual dividend distribution, attracting investors seeking stable, long-term returns.

According to Al Mal Capital, proceeds from the offering will be deployed to acquire additional high-quality assets across the UAE and wider GCC, in line with the fund’s strategy of sector and geographic diversification.

Priority allocation in the FPO was given to existing unitholders to preserve ownership, while a secondary tranche was opened to new subscribers.

Al Mal Capital REIT remains subject to UAE investment regulations, including a 25 per cent cap on assets held outside the UAE.

The transaction comes amid a broader uptick in investor interest in REITs across the region, as real estate investment trusts continue to gain traction as an accessible and transparent vehicle for real estate exposure.