Rasmala completes sharia-compliant warehouse investment

WarehouseDubai-based asset manager Rasmala has bought 72 warehouses in a sharia-compliant real estate investment deal backed by Ajman Bank. The acquisition, for 300 million dirhams ($82 million), was structured as a sale and leaseback arrangement for the next seven years. The firm says the 31 tenants are in sectors such as food and beverage, retail and manufacturing. Zak Hydari, group chief executive of Rasmala, said the firm plans to invest another billion dirhams ($272 million) in UAE real estate in the next twelve months. Mohamed Amiri, chief executive of Ajman Bank, described the deal as an innovative sharia-compliant investment solution. Covering nearly 600,000 square feet, the warehouses are situated in Dubai Investments Park, a mixed-use complex close to Jebel Ali Free Zone, a sea port and business hub. Islamic law, known as the sharia, prohibits interest on money but permits investors to earn rent. Sharia-compliant investments, such as sukuk, are typically structured around an underlying real asset such as property. ©2016 funds global mena

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.


MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.


Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.