Mulkia Gulf REIT board to register fund with GAZT

Mulkia Gulf Real Estate REIT Fund’s board of directors approved to appoint a Zakat advisor to initiate the procedures of registering the fund with the General Authority for Zakat and Tax (GAZT) for Zakat purpose and to submit the registration application as of the fund’s launch date, the fund manager, said in a bourse filing.

Mulkia Gulf will not bear the registration fees for the years 2017, 2018, and 2019, as some major unitholders will bear all Zakat expenses for those years.

This came after studying REIT’s Zakat status by the Zakat Advisor, Ibrahim Ahmed Al Bassam and Partners Co., with the aim of achieving the interest of the fund's unitholders.

The fund manager expects that upon completion of the registration procedures, there will be no financial impact on the operating profit and net profit of the REIT for the years 2017, 2018, and 2019, while it will bear the value of zakat liabilities and any related expenses starting from the fiscal year 2020.

Terms and conditions of the REIT will be amended before applying to GAZT, in compliance with the regulations and instructions of the Financial Market Authority and GAZT in this regard, it added.

The fund manager will disclose any developments in this regard in due course.