Abu Dhabi energy firm Masdar launches green REIT in UAE

The ‘green’ REIT portfolio will initially include four commercial properties at Abu Dhabi’s Masdar city, above. (AFP)
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Updated 15 January 2020

Abu Dhabi energy firm Masdar launches green REIT in UAE

  • ‘Green’ REIT portfolio will initially include four commercial properties at Abu Dhabi’s Masdar city
  • It will be the first green REIT in the United Arab Emirates

ABU DHABI: Abu Dhabi Future Energy Company (Masdar) said on Wednesday it was launching a sustainable real estate investment trust (REIT) with an initial valuation of between 950 million dirhams ($259 million) and 1 billion dirhams.
The “green” REIT portfolio will initially include four commercial properties at Abu Dhabi’s Masdar city, the company, a subsidiary of Mubadala Investment Company, said in a statement.
It will cover more than 57 thousand square meters of net leasable area.
The first green REIT in the United Arab Emirates, it will be launched at Abu Dhabi Global Market, the statement said.
Masdar, wholly owned by the Abu Dhabi government through Mubadala, was set up to develop sustainable and clean energy. Masdar City is Masdar’s $22 billion carbon-neutral “green city in the desert.”


Philippine jobless rate hits record 17.7% in April due to pandemic

Updated 05 June 2020

Philippine jobless rate hits record 17.7% in April due to pandemic

  • The Philippines is facing its biggest economic contraction in more than three decades
  • April’s 17.7 percent unemployment rate equivalent to 7.3 million people without jobs

MANILA: The Philippines’ unemployment rate surged to a record 17.7 percent in April, the statistics agency said on Friday, as millions lost their jobs due to a pandemic-induced lockdown that battered the economy.
The Philippines, which before the pandemic was one of Asia’s fastest growing economies, is facing its biggest contraction in more than three decades after the new coronavirus shuttered businesses and crushed domestic demand.
April’s unemployment rate, which is 7.3 million people without jobs, compares with 5.3 percent in January and 5.1 percent in April last year.
“We should not lose sight of the fact that this loss in employment is really temporary,” Economic Planning Undersecretary Rosemarie Edillon said in an online news conference.
The lockdown in the capital, Manila, which was one of the world’s longest and strictest, was relaxed as of June 1 to allow much-needed business activity to resume and soften the economic blow of the coronavirus, which has infected more than 20,000 in the country.