Dubai Investments, a Dubai-listed conglomerate, is selling a 20 per cent stake in its subsidiary DIP Holding in the first initial public offering in the UAE this year.
The deal will comprise the sale of 1.74 billion shares by existing shareholders in DIP Holding, which owns the mixed-use development Dubai Investments Park, the company said on Monday.
Parent Dubai Investments will continue to control the remaining 80 per cent shareholding in DIP Holding, contingent on the offering size remaining unchanged and all shares on sale being allocated to investors, it said.
Subscriptions for the sale are set to open on October 27 and will run until November 3. Final pricing for the deal will be announced on November 4.
DIP Holding shares are expected to start trading on the Dubai Financial Market on November 11, according to the offer document.
"Our IPO marks an important milestone in DIP Holding’s journey and reflects the strength and resilience of our differentiated, infrastructure-like business model, said Omar Al Mesmar, chief executive of DIP Holding.
"Looking ahead, we see clear opportunities to build on this foundation."
The deal breaks the lull in the IPO market in the UAE. The Arab world’s second-largest economy was a hotbed for public floats, with the DFM and the Abu Dhabi Securities Exchange both attracting a steady stream of IPOs over the past few years.
The Middle East IPO market last year slowed after it was hit by lower oil prices, geopolitical unrest and weaker post-listing performances. Companies in the region raised $7.1 billion from 61 listings, down from $13 billion a year earlier.
UAE companies raised a total of $1.1 billion through three IPOs in 2025, Dealogic data shows.
The US-Iran war, now in its eighth month, has further disrupted the already slowing momentum as companies put their plans of tapping equities markets to raise capital on hold.
Dubai Investments, in which the sovereign investment fund Investment Corporation of Dubai holds a stake, was among the UAE companies that expressed intentions to list shares in its units before war-driven volatility sapped deal volumes.
The company in September last year said that it was in talks with banks and planned to list up to 25 per cent of Dubai Investments Park.
Dividend policy
Situated near Al Maktoum International Airport and Jebel Ali Port, Dubai Investments Park is home to 1,000 tenants, 5,700 subtenants and more than 150,000 residents. The district was established in 1997 and hosts warehouses, hotels, retail outlets, schools and medical centres, making it one of the largest mixed-use developments in the emirate.
DIP Holding intends to adopt a semi-annual cash dividend distribution policy. The company expects to pay annualised dividends of Dh700 million, Dh725 million and Dh750 million for 2026, 2027 and 2028 financial years, respectively.
In 2029, the company expects to pay dividends in line with, or above the 2028 payout, it said in the offer document.
"Our intention to list DIP Holding on the Dubai Financial Market represents a natural next step in a journey that began more than 25 years ago," said DIP Holding chairman Khalid bin Kalban.
"What began as an ambitious vision for an integrated mixed-use destination has developed into a fully established and highly sought-after platform supporting businesses and communities across the logistics, industrial, commercial and residential sectors."
