The UAE’s first real estate investment fund Emirates Reit is securing a 21% increase in rental income during the first quarter of 2017 from one year ago to a total USD12.6 mn (AED 46.28 mn), helped by demand for space at the Index Tower and two of its school assets, Gulf News reports.

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.

UAE-based Shari'a compliant real estate investment trust Emirates REIT recorded a 13% year-on-year increase in its portfolio value as well as an increase in rental income by 19.7% in the third quarter of 2016.

Emirates Reit’s Dubai offices, shops, and schools recorded a 25% increase in rental income during the second quarter as occupancy levels increased, despite a notable overall decline in the commercial property market.