By Sally Goldman
Dubai is attempting to restart its dormant listing pipeline with the emirate’s first initial public offering of 2026, sweetening the pitch with a clear dividend roadmap totaling roughly $592 million over the next three years. DIP Holding PLC, the wholly owned subsidiary of Dubai Investments PJSC that controls Dubai Investments Park, intends to list on the Dubai Financial Market through the sale of 1,735,243,300 existing ordinary shares representing a 20% stake. The offering is secondary: all proceeds will go to the parent company rather than to DIP Holding itself, and Dubai Investments is expected to retain majority control of the remaining 80%. Dubai Investments Park is a roughly 23-million-square-metre mixed-use development in Dubai’s southern corridor, positioned between Jebel Ali Port and Al Maktoum International Airport. Established in the late 1990s, the park functions as a long-term ground-lease platform spanning logistics, industrial, residential and commercial uses. It hosts approximately 1,000 tenants, supports around 5,700 sub-leases and is home to more than 150,000 residents, with ground-lease occupancy reported at 99.9% as of 30 June 2026.
The business has delivered consistent high margins. Full-year 2025 revenue reached AED 960 million with adjusted EBITDA of AED 678 million. In the first half of 2026, revenue rose to AED 492 million and adjusted EBITDA to AED 355 million, producing a 72% margin and cash conversion of 97%. Management has pointed to contractual ground-rent repricing, increased subleasing activity and the repositioning of plots toward higher-value uses as levers for further growth.
To attract investors in a cautious environment, DIP Holding has outlined expected annualised dividends of AED 700 million for 2026, AED 725 million for 2027 and AED 750 million for 2028 approximately $592 million in total and intends to adopt a semi-annual cash dividend policy subject to board and shareholder approvals and available reserves. The first post-listing distribution is targeted at AED 350 million in April 2027, covering the full second half of 2026 so that IPO participants receive the benefit for the entire period rather than only the post-listing months.
The subscription window is scheduled for 27 October to 3 November 2026, with final pricing expected on 4 November and trading anticipated around 11 November, subject to regulatory approvals and market conditions. The deal is structured in four tranches: 5% for individual investors (minimum subscription AED 5,000 with a guaranteed allocation floor of 2,000 shares for successful applicants), 92% for professional investors (minimum AED 1 million, with price discovery through bookbuilding), 1% for eligible Dubai Investments Group employees, and 2% reserved for eligible existing shareholders of the parent company based on a 28 October record date.
Citigroup, Emirates NBD Capital and HSBC are acting as joint global coordinators, with additional banks including Abu Dhabi Commercial Bank, Arqaam, Dubai Islamic Bank and EFG Hermes as bookrunners.
The listing arrives against a backdrop of sharply reduced equity issuance across the Gulf. Once a busy IPO market, the region has seen volumes slump in 2026 as the conflict involving Iran, which began earlier in the year, compounded an already softer environment of lower oil prices and geopolitical uncertainty. Several previously planned floats were delayed or shelved. Parent company Dubai Investments shares rose as much as 5.1% on the announcement day, the strongest move since early May.
Khalid bin Kalban, chairman of DIP Holding and vice chairman and CEO of Dubai Investments, described the proposed listing as “a natural next step” in a journey spanning more than 25 years, highlighting the park’s recurring revenues, diversified tenant base and contribution to Dubai’s growth agenda.
Whether the combination of high occupancy, strong cash conversion and an explicit multi-year dividend framework is sufficient to draw sustained demand will become clearer once the bookbuilding process concludes and the shares begin trading on the Dubai Financial Market.
