Dubai Investments will sell a 20% stake in its subsidiary DIP Holding, the owner of the Dubai Investments Park district, in the UAE’s first initial public offering of 2026, the company said on Monday.
The offer comprises 1,735,243,300 existing shares, all sold by Dubai Investments. DIP Holding shares are expected to begin trading on the Dubai Financial Market (DFM) on or around November 11, subject to regulatory approvals and market conditions.
Subscriptions will open on October 27 and close on November 3. The offer price range will be announced on October 27, and the final price will be set on November 4.
Dubai Investments will keep the remaining 80% of DIP Holding if the offering size stays unchanged and all shares are allocated, the company said.
Individual investors will be offered 5% of the shares, or 86,762,165 shares, with a minimum subscription of AED5,000 and a guaranteed allocation of 2,000 shares each, according to offer details reported by Khaleej Times.
Professional investors will be offered 92% of the shares, with a minimum subscription of AED1 million. The final offer price will be set through book-building based only on orders in that tranche.
The remaining 3% is reserved for eligible employees of Dubai Investments and its subsidiaries, and for Dubai Investments shareholders on the October 28 record date.
DIP Holding expects to pay dividends of AED700 million for 2026, AED725 million for 2027 and AED750 million for 2028. The 2026 figure excludes an AED100 million pre-IPO dividend paid to Dubai Investments in September.
The first payment after listing, AED350 million covering the second half of 2026, is due in April 2027.
DIP Holding’s revenue rose to AED960 million in 2025 from AED892 million in 2024. Net profit was AED1.09 billion in 2025, and adjusted EBITDA was AED678 million.
In the first half of 2026, revenue rose 7% on a like-for-like basis to AED492 million. Net profit increased to AED444 million from AED418 million a year earlier.
Dubai Investments Park was established in 1997 near Al Maktoum International Airport and Jebel Ali Port. It has 1,000 tenants, 5,700 subtenants and more than 150,000 residents, according to the company.
Khalid Jassim Bin Kalban, Chairman of DIP Holding, said the listing was “a natural next step in a journey that began more than 25 years ago.”
Omar AlMesmar, Chief Executive Officer of DIP Holding, said the company’s priorities as a listed business would remain “disciplined execution, operational excellence and predictable, sustainable performance.”
Citigroup Global Markets, Emirates NBD Capital and HSBC Bank Middle East are joint global coordinators. ADCB, Arqaam Capital, Dubai Islamic Bank and EFG Hermes are joint bookrunners.
Dubai Investments and DIP Holding will be subject to a 180-day lock-up after listing.
Investment Corporation of Dubai, the emirate’s sovereign investor, holds a stake in Dubai Investments. Bloomberg News reported last week that DIP was planning investor meetings ahead of a possible listing.
UAE companies raised $1.1 billion through three IPOs in 2025, according to Dealogic data cited by The National. Middle East listings raised $7.1 billion from 61 deals last year, down from $13 billion in 2024.
