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Reem gets registered as UAE real estate company


UAE-based Reem Investments has won approval from the Securities and Commodities Authority (SCA) for its registration as a company engaged in the real estate business under local private joint stock companies (PJSC).

The SCA has also agreed to have it subsequently listed on the Abu Dhabi Securities Exchange's Secondary Market.

Established in 2005, Reem Investments has become one of the largest and most successful real estate companies in Abu Dhabi with a paid-up capital of Dh1.55 billion ($420 million).

The company, which has the financal backing of prominent UAE-based institutions and private investors, owns prime development land in the UAE capital.
Reem Investments was earlier in talks with UAE's Eshraq Properties for a merger that would have created a mega-listed real estate company in Abu Dhabi. However, the two failed to reach agreement on “commercial matters” relating to the deal and the merger plan was called off this June.-TradeArabia News Service

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