Dubai real estate fund revamps biggest asset to boost occupancy

Dubai real estate fund revamps biggest asset to boost occupancy

ENBD REIT, a Dubai-based sharia-compliant real estate investment trust run by Emirates NBD Asset Management, is set to refurbish a multi-million-dirham tower to boost occupancy levels.The major revamp of Al Thuraya Tower in Dubai Media City, the fund's largest asset by value, is part of the ongoing efforts to attract long-term tenants amid a sluggish environment caused by the coronavirus pandemic.Valued at 283 million UAE dirhams, the property is one of the flagship assets of the company, accounting for 20 percent of ENBD REIT's total portfolio value as of June 30, 2020.Khaled Al Faheem, board and investment committee member of ENBD-REIT, said they are turning their attention to increasing occupancy and encouraging long-term leas agreements at their major asset.“After various initiatives to navigate market headwinds, including a rent relief scheme