Dubai Investments plans to float 20% stake in DIP Holding in UAE's first IPO of the year

Business Recorder reported that Dubai Investments plans to list a 20% stake in its subsidiary DIP Holding, the company behind the Dubai Investments Park real estate development. The planned offer would be the first flotation of its kind in the Emirates this year and one of only a few Gulf listings amid the Iran war. According to DIP Holding's Monday statement, the offer covers 1.74 billion shares divided into four tranches.

Sales window runs October 27 to November 3, ahead of a debut near November 11. Covering 23 million square metres, the park mixes industrial, commercial and residential property, and is home to more than 150,000 residents plus roughly 1,000 tenants. Share sales in the Middle East and Africa totalled $2.3 billion in the first nine months, a 79% drop and the weakest since 2017, per LSEG.

DIP Holding projects annualised dividends of 700 million dirhams ($190.6 million) this financial year, then 725 million and 750 million dirhams in 2027 and 2028. All shares offered are existing holdings sold by Dubai Investments, so DIP Holding will receive none of the proceeds. The offering's joint global coordinators are Citi, Emirates NBD and HSBC.