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.”


UK lends $22bn to small firms hit by coronavirus

Updated 27 May 2020

UK lends $22bn to small firms hit by coronavirus

  • The finance ministry offers banks a 100% credit guarantee on loans of up to $61,479
  • The money was lent to 608,069 small businesses as of May 24

LONDON: British small businesses have borrowed more than $22 billion under a government-guaranteed coronavirus credit program during its first three weeks of operation, outpacing bank lending under other schemes for bigger firms.
The finance ministry offers banks a 100% credit guarantee on loans of up to 50,000 pounds under its Bounce Back Loan Scheme, after an 80% guarantee slowed lending under an earlier program.
The BBLS has lent $22.74 billion to 608,069 small businesses as of May 24, up from $17.36 billion by May 17.
By contrast an earlier program that lends up to 5 million pounds, the Coronavirus Business Interruption Loan Scheme, has only lent $10 billion since its launch in March.
Banks have approved about half of loan applications under CBILS so far, compared with 79% for the BBLS.
Finance minister Rishi Sunak initially opposed offering full state guarantees for bank lending, due partly to the risk of bad debts, but allowed it for the smallest firms after pressure from business groups, legislators and the Bank of England.