Equitativa Real Estate Limited, the main shareholder of Emirates REIT, intends to launch new property funds in the UAE and seeks to export its model to Saudi Arabia, The National reported on Monday.

Equitativa on Sunday announced its intentions to buy up new assets to put into four new property funds, intending to list them in the UAE. The company stated that these funds would not compete with Emirates REIT, since they are expected to focus on different sectors of the real estate market than Emirates REIT which focuses on office space and schools in Dubai.

Saudi Arabia only recently issued new regulations concerning the issuing of Real Estate Investment Traded Funds (REIT) while Emirates REIT on Monday announced a 13% increase in its portfolio value.

Equitativa at the beginning of the month also obtained an Emiri decree, granting its funds permission to invest in Ras Al Khaimah under certain conditions.