The Capital Market Authority (CMA) has approved the prospectus for the issuance of units in Oman’s first real estate investment trust (REIT) fund.
The market regulator approved the prospects of AmanREIT which has a capital of RO20mn, of which 50 per cent is offered for the public subscription. Aman REIT is also the first Sharia’a-complaint real estate fund in Oman. The fund will offer 100mn investment units in public offering at a price of 102bz per unit (comprising 100bz issue price and 2bz issue expenses), according to a press statement issued by the CMA.
The units of Aman REIT will be offered from January 2 to January 16, 2020.
The new fund’s prospectus contains all the key information that would help investors in taking sound informed decision.
The Capital Market Authority in 2018 had issued detailed regulations for the creation of REIT funds in the sultanate. The regulations were issued by the CMA as part of financial sector’s contribution to the National Program for Enhancing Economic Diversification (Tanfeedh).
REIT funds allow investors to hold units and invest in properties. These funds also allow foreigners to invest and indirectly own properties in Oman’s real estate market.
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