(MENAFN- EIN Presswire)
Peninsula receives In-Principle Approval from the ADGM FSRA
Peninsula has been granted an In-Principle Approval by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM)
ABU DHABI, UNITED ARAB EMIRATES, April 22, 2024 /EINPresswire / -- Peninsula today announced that it has been granted an In-Principle Approval (IPA) by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
Peninsula, founded in 2019 and incorporated in ADGM, is a real estate investment company focused on industrial, logistics and commercial assets.
Subject to final regulatory approval from the FSRA, Peninsula will become the first internally managed Real Estate Investment Trust (REIT) to establish in the ADGM or the wider GCC market. Internally managed REITs are the preferred structure for investors globally.
Strategic investors into Peninsula include Yas Holding, BHM Capital and HT Investments. Peninsula has been working closely with the Abu Dhabi Investment Office (ADIO) since 2021, which has helped expand the company's investment and research capabilities from its headquarters in the UAE capital. The HQ is managed by a highly experienced team with a proven track record across the regional real estate investment and management value chain.
Badr Al-Olama, Director General of ADIO, commented:“We congratulate Peninsula on this important milestone, and we are confident that the company will play an important role in supporting Abu Dhabi's tech drive across key sectors, promoting the Emirate's diversification efforts in line with its Falcon Economy vision. Our partnership with Peninsula is one that cuts across technology, real estate and financial services, providing advanced services to users in the UAE and across the GCC.”
Arvind Ramamurthy, Chief of Market Development at ADGM said,“ADGM congratulates Peninsula on receiving its In-Principle Approval from the FSRA. Their expansion within the international financial centre within a few years is a testament to the immense opportunities available within Abu Dhabi. We look forward to Peninsula receiving their Financial Services Permission (FSP) to become fully operational as the first internally managed REIT in ADGM and achieve greater success in the UAE and beyond."
Murshed Al Redaini, Chairman of Peninsula, said,“We are pleased to announce this important milestone for Peninsula. Our In Principle Approval from the FSRA marks a meaningful step in our strategic plan to become the first internally managed REIT in the GCC. We thank the ADGM and ADIO for their strong support and partnership.”
ADGM is one of the world's leading international financial centres, located in the capital city of the United Arab Emirates (UAE). The ADGM is an ideal centre for asset management due to its exceptional infrastructure, robust regulatory framework, supportive local government, sound regulation, and the direct application of English Common Law.
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