TAILIEUCHUNG - Diversification Benefits of Real Estate Investment Trusts in Dubai

In the implementation of our strategy we focus on the following ESG factors: Environmental: For us this means that we focus on climate change. We believe that climate change issues are very important and that climate change (related) policy will lead to more focus on, for instance, energy efficiency and urban regeneration and that it will lead to shifting tenant and investor preferences; Social: For us this means that we focus on human rights and work conditions. In the development, construction and operation phase of property, issues regarding human rights and work conditions are liable to arise | Diversification Benefits of Real Estate Investment Trusts in Dubai Danny N. G. Di Nardo John A. Anderson Abstract This paper examines whether unleveraged REITs in Dubai help optimize the risk return characteristics of a mixed asset portfolio. The performance is also analyzed using Shariah compliant REIT structures incorporating discussion of the performance of REITs operating in a zero-tax environment within the Modigliani and Miller 1958 framework. The empirical results confirms that investment in real estate via Dubai REITs would have substantially improved the performance of a mixed asset portfolio through its ability to hedge inflation enhance returns and reduce volatility. These characteristics persisted under sensitivity testing. Furthermore the conclusions find that leveraging the REIT produced increased risk without providing risk return benefits. Key Words REIT Emerging Markets Dubai Portfolio Diversification Capital Structure. JEL classification G15 L85 BNP Paribas PO Box 7233 Dubai UAE Corresponding Author Faculty of Business The British University in Dubai PO Box 502216 Dubai. Honorary Fellow Cass Business School City University London. Electronic copy available at http abstractM447246 1 - Introduction Substantial growth in surplus funds available for investment by Muslims in the Middle East and globally has produced the need for banking and financial products that comply with the teachings of the Koran. This has lead to rapid growth in Islamic Finance and Islamic financial institutions have introduced products to cater to the Muslim populations. Recent legislation introduced by the Dubai International Financial Centre DIFC regarding Real Estate Investment Trusts REITs provides a unique research opportunity regarding the potential benefits of incorporating REITs into a mixed asset portfolio. The diversification benefits of REITs is well documented and may see these products become an increasingly popular .

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