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A subsidiary of National Real Estate Company has entered into a memorandum of understanding (MoU) related to its land parcel on Reem Island in the UAE. The transaction is valued at AED 52 million and is expected to have a positive impact on the company's financial performance. National Real Estate said the deal is likely to generate an estimated profit of KD 1 million, which will be reflected in its income statement. Reem Island remains one of Abu Dhabi’s key mixed-use development locations, attracting continued real estate investment and development activity.
A unit of National Real Estate Company has signed a memorandum of understanding (MoU) concerning its land holding on Reem Island in the UAE in a transaction valued at AED 52 million.
The company disclosed that the agreement relates to its land asset on the island, a prominent residential and commercial district in Abu Dhabi that has witnessed significant development activity over the past decade. Reem Island has emerged as one of the UAE capital’s major real estate destinations, featuring a mix of residential, retail, office and hospitality projects.
National Real Estate stated that the transaction is expected to contribute positively to its financial results. The company estimates that it will record a profit of approximately KD 1 million in its income statement as a result of the deal.
While additional details regarding the nature of the transaction and the counterparty were not disclosed, the signing of the MoU marks a key step in progressing the company’s plans for the land parcel. The development comes amid continued investor interest in strategically located land assets across Abu Dhabi, particularly in established urban districts such as Reem Island.
National Real Estate has been involved in real estate development and investment activities across various markets, and the latest agreement forms part of its asset management and value-creation efforts.
Source Reuters
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