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Bahrain's first REIT enters the market.

Byline: (Staff Writer)

The Central Bank of Bahrain The Central Bank of Bahrain was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. As per Decree No.  said it has approved the registration of the first Real Estate Investment Trust (REIT REIT

See: Real Estate Investment Trust


See real estate investment trust (REIT).
) under Bahrain's Financial Trusts Law.

The Inovest Real Estate Investment Trust (IREIT) has been authorised and approved by the Central Bank of Bahrain as an Expert Collective Investment Undertaking established as a unit trust and with Two Seas Trust as trustee. It intends to list the IREIT on the Bahrain Stock Exchange The Bahrain Stock Exchange (BSE), was established in 1987 by Amiri Decree No.(4) and officially commenced operations on June 17, 1989 with twenty-nine listed companies. Currently, there are 50 companies listed on the exchange. . Inovest will begin marketing the REIT immediately.

Mohammed Ayman Al Tajer, Director of the Financial Institutions Supervision Directorate said that the CBB CBB Celebrity Big Brother
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 was pleased to authorise the first REIT in Bahrain.

"While the existing CIU CIU Convergència I Unió (Partit Polític de Catalunya-España)
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 regulations recognise REITs as an asset class, we are committed to expand the existing CIU regulatory framework, to be in line with best international REITs practices, taking into account their customisation to our local and regional markets. Such initiatives will address the REITs structure, relevant components and requirements in more specific detail. We recognise REITs as an important investment asset class and we are positive that the unit trust structure would facilitate the establishment of a variety of innovative products, utilising the Financial Trust Law of Bahrain in addition to the current CIU regulations."

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Publication:CPI Financial
Date:Jun 24, 2009
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