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Arabian Business
2 hours ago
- Arabian Business
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.
Zawya
2 hours ago
- Zawya
B2B opens a new window into Egypt's real estate market through the gateway of Oman
Mr. Nehad Adel, Chairman of B2B for Real Estate Consultancy and Investment Advisory, stated that among the growing momentum in Egypt's real estate—now overcrowded with numerous new and emerging companies and a large influx of inexperienced young individuals—there is a clear need to rethink traditional marketing mechanisms and explore new and different markets that can restore balance to the industry and unlock real investment opportunities. Based on this vision, B2B decided to take a different path by turning its focus to the Omani market, which it views as a promising destination that combines political stability, currency strength, cultural respect, and a diverse range of competitively priced properties suitable for a wide segment of Egyptians. A Real Investment Opportunity for Egyptians – Locally and Abroad The Chairman pointed out that B2B was the first to tap into the Omani market in an organized way, after identifying a genuine desire among many Egyptians to purchase property abroad that would protect the value of their money, allow them to own assets in foreign currency, and potentially obtain legal residency and open bank accounts—alongside the added benefit of earning attractive dollar-based rental income. He added that the company successfully opened the Omani real estate market to Egyptian buyers—either through partnerships with Omani developers or through collaborations with Egyptian developers operating in Oman. Today, B2B has become a key gateway for Omani real estate in Egypt, supported by a specialized sales & marketing team based in Egypt that promotes Omani properties as an attractive and secure investment choice. Commercial and Administrative Investments: A Priority for the Next Phase He further explained that in line with its goal to create new opportunities and deliver guaranteed returns to investors, the company is shifting its focus toward commercial and administrative properties, which tend to yield better returns than residential ones—provided the projects are located within established residential communities, ensuring high footfall and steady revenues. The company has already secured exclusive marketing rights for a number of commercial and administrative projects within Egypt and plans to present them using creative and distinctive marketing strategies unlike the conventional methods currently dominating the market. Unlocking Potential in the Saudi Market He also revealed that B2B is now putting spotlight on the Saudi Market, noting that the company is awaiting the expected opening of property ownership for foreigners—a move that could open up significant opportunities for Egyptian buyers, especially given the strength, stability, and rapid growth of the Saudi real estate sector. The company believes the Saudi market holds great potential for real estate investment, particularly with the continuous launch of diverse new cities and projects. Professional Marketing in an Oversaturated Market In conclusion, the company emphasized that current marketing methods have become repetitive, and clients are growing weary of the traditional approaches used by most firms. Hence, B2B aims to provide innovative and professional marketing tools that cater to the unique characteristics of each project and genuinely reach qualified buyers—following a methodology based on understanding the market first, then the product, and finally the investor's needs.
Khaleej Times
2 hours ago
- Khaleej Times
'7 years, no house': UAE investors claim heavy debts after Bangalore project stalls
When JE, a Dubai-based mother of two, paid Rs 6 million (around Dh251,000) in 2018 for a flat in Ozone Urbana, she imagined annual visits to Bengaluru, a peaceful retirement, and a secure home for her children. Instead, seven years later, she's staring at an empty plot, rising debt, and a fading dream. 'There's no house. Nothing has moved at the site in years,' she said. 'But I still have to pay the bank over Rs 13 million (Dh544,000) for something that doesn't even exist,' she told Khaleej Times. JE is one of several Indian expats in the UAE who say they were misled by Bengaluru-based Ozone Group into buying homes in a massive integrated township that was never delivered. Among them is Errol John Noronha, a former Dubai resident and president of the Ozone Urbana Buyer Welfare Association, which represents affected buyers, including many from the UAE. Noronha, who was visiting Dubai, spoke to Khaleej Times o n Monday. 'The stories in our group are heartbreaking. People have lost their savings, taken loans they can't repay, and are now stuck with nothing to show for it,' Noronha said. 'The builder failed us, yes. But where were the banks, the regulators? Everyone just looked the other way.' Raids on developer sparks hope Now, after years of delay and frustration, a recent crackdown may have finally offered a rare glimmer of hope. On August 1, the Enforcement Directorate (ED), India's financial crime watchdog, conducted raids at 10 locations linked to Ozone Urbana Infra Developers Pvt Ltd and its key executives, including promoter Satyamoorthi Vasudevan, in Bengaluru and Mumbai. The action, taken under India's anti-money laundering law, follows dozens of complaints alleging cheating, criminal conspiracy, and fund diversion. Authorities say they seized documents showing that money collected from homebuyers for the Ozone Urbana project was diverted to unrelated group entities and individuals. The developer is also accused of selling at least 65 flats to multiple buyers. The 1,800-unit township project, spread across 185 acres near Bengaluru Airport, was launched in 2012 and billed as one of the city's largest integrated residential developments. Completion was promised by 2018. Today, buyers say less than half of the construction is complete. However, Satyamoorthi Vasudevan, managing director of the Ozone Group, disputed this. In an emailed response to Khaleej Times, he said the project is closer to 80 per cent complete and that delays have been misreported or misunderstood. 'All funds have been channelled solely towards construction and development,' Vasudevan said. 'There has been no diversion of funds — only misinterpretation or misreporting of project progress.' He confirmed that the Enforcement Directorate is currently reviewing the company's accounts. 'As a responsible organisation, we are fully cooperating with the authorities by providing all required documentation and information,' he said. On the remaining construction and delivery timelines, Vasudevan said the company is ready to deliver completed units but is navigating regulatory and administrative hurdles, including pending RERA approvals, banking procedures, and statutory clearances. 'Once these are resolved, we will be able to move swiftly toward final completion and handover,' he said. Regarding UAE-based and overseas buyers, Vasudevan acknowledged that some have raised concerns. 'We are actively engaging with them to find satisfactory resolutions,' he said. For buyers seeking refunds, the company is working on a structured mechanism. For those awaiting possession, efforts are being made to accelerate construction and deliver homes in a 'transparent and accountable manner.' Rebuilding trust, he said, remains a top priority. Vasudevan also addressed the allegations of double-selling, calling them a 'misinterpretation' of the company's earlier buyback scheme — a structured investment model offering assured returns or repurchase after a defined term. 'Some individuals with vested interests have attempted to manipulate this model to create confusion and extract undue financial advantage,' he said. The company, he added, is actively addressing this issue to protect genuine investors and prevent future misuse. Buyers tell a different story Despite the company's assurances, many UAE-based buyers say their experiences tell a different story. Sharjah-based private pilot Sunil Sequeira, who booked a three-bedroom apartment in 2018 for Rs 10 million (approximately Dh420,000), said he was sold a dream under a subvention scheme, a financing model where the buyer takes out a home loan, but the developer agrees to pay the EMIs (equated monthly installments) and PMIs (pre-EMI interest payments) until possession. He took a loan through India Bulls, now rebranded as Saman Capital. 'They came to my house in Dubai with slick presentations, floor plans, and big promises,' he told Khaleej Times. 'We were told this was a landmark project near the airport that would redefine luxury. The scheme sounded safe; they said they'd pay my EMIs until handover, and I believed them.' According to Sequeira, the developer initially kept up the payments but later stopped without warning. 'That's when the bank came after me. I ended up with an arrest warrant for defaulting on a loan for a house that doesn't exist.' 'I ended up with an arrest warrant for defaulting on a loan for a house that doesn't exist.' Sunil Sequeira, Sharjah The Ozone Urbana website still describes the project as 'a holistic journey of life' with 'apartments, duplexes and penthouses surrounded by lush greenery.' For many, the reality is very different. Moiz Abdulhussain, an early investor from Mumbai, booked an apartment in 2016 under a buyback scheme that promised him double the booking amount at handover. 'I paid Rs 750,000 (Dh31,500) upfront and took a Rs 5.7 million (Dh239,000) loan. The bank has already released Rs 3.6 million (Dh151,000) to the builder. The site is still flat ground.' For years, he says, the developer cited Covid-19 delays and regulatory approvals. 'They made it sound routine. Then in 2018, I joined a WhatsApp group of buyers and realised the truth. I was blindsided. But what about the banks? Why release funds when there was barely any structural work on site?' Moiz has since secured a RERA order asking the developer to pay him Rs 8 million (Dh335,000). 'It's on paper. No one's enforcing it.' According to the welfare association, many buyers were told the builder would cover EMIs until possession. 'But once the payments stopped and construction stalled, the banks came knocking, like in Sunil's case,' said Noronha. Buyers allege that banks released large sums to the developer without proper agreements or any disbursement linked to actual progress on site. Some say they never received construction deeds at all. 'The banks didn't wait for construction milestones. They just disbursed the money, and now we have to suffer.' A police complaint filed by the welfare association pegs the alleged fraud at Rs 33 billion (Dh1.38 billion). Of this, Rs 15 billion (Dh628 million) was reportedly raised through unauthorised loans taken in buyers' names, while Rs 18 billion (Dh754 million) was collected directly from them. Living in limbo According to homebuyers, nearly 200 families have moved into partially completed towers despite the chaos. Many blocks reportedly do not have occupancy certificates, permanent electricity, or water connections. Earlier this year, the Karnataka Real Estate Regulatory Authority (KRERA) named Ozone Group and its affiliates as the state's biggest defaulters, with 201 complaints and over Rs 1.78 billion (Dh74.8 million) in unpaid dues. Access denied Several overseas homebuyers said they were unaware of the scale of defaults because they couldn't access the KRERA website. The concern isn't unfounded. When Khaleej Times attempted to access the site from Dubai, it failed to load. We also asked contacts in the UK, US, and Singapore to try; none could open it. In contrast, RERA websites of other Indian states were accessible without any issue. Buyers said this lack of access kept non-resident investors in the dark about the project's status. The crisis at Ozone isn't limited to Bengaluru. In Chennai, the Metrozone project launched in 2008 remains unfinished. In Mumbai and Goa too, complaints are mounting. The pattern is familiar: grand promises, large sums collected, construction delayed, and buyers left scrambling. Back in Dubai, JE still hopes something might change.
