Friday 27 January 2023

Oman to launch debut REIT fund next month

MUSCAT, March 28, 2018

Expatriates in Oman will now be able to invest in large portfolios such as shopping malls, airports and ports, thanks to the introduction of Real Estate Investment Trust (REIT) funds, said a report.

These are funds that will be launched in the stock market; so people will be able to buy real estate shares and real estate owners will be able to liquidate their assets, reported Times of Oman citing a senior official.

"The real estate association has been pushing for this for the last three years as it believes it will be beneficial to both the owners of these big assets, who can liquidate shares, and to the public, who can’t own huge properties but can have a stake in such portfolios," remarked Fahad Al Ismaili, a board member of Oman Real Estate Association.

“The law was issued in January and the first REIT fund will be launched probably in April,” he added.

Lauding the move, Al Ismaili said: "There are a lot of real estate portfolios such as shopping malls airports, ports etc. The owners of big assets can benefit by cashing or liquidating shares in those assets. For example, a citizen cannot buy a mall or an airport, but can buy shares in a mall. So, for an investment as low as RO1,000, people can own shares in large portfolios,” he stated.

"The good thing is that these funds will not just be applicable to Omanis, but expatriates as well. I think it is a very smart move by the government," he added.

Tags: Oman | investment | expats | REIT | real estate fund |

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