Rana Mamdouh _ DIB Holding, the owner of Dubai Investments Park, announced its intention to list its shares on the Dubai Financial Market through an initial public offering (IPO), which includes the sale of existing ordinary shares by Dubai Investments (the Selling Shareholder), representing 20% of the company's issued share capital.
The Offering is Implemented Through a Public Subscription Divided into Four Tranches
According to the prospectus issued today, DIB Holding stated that the offering comprises 1.735 billion ordinary shares, representing 20% of the company's issued share capital. The offering is implemented through a public subscription and is divided into four tranches.
The first tranche represents 5% of the offering shares, equivalent to 86.762 million shares, and is available to retail investors and other qualified investors who hold a valid investor number with the Dubai Financial Market.
Each successful subscriber in this tranche is guaranteed a minimum allocation of 2,000 shares, in accordance with the terms and limits set out in the prospectus, with a minimum subscription amount of AED 5,000.
The second tranche represents 92% of the offering shares, equivalent to 1.596 billion shares, and is allocated to professional investors as defined under the regulations of the Securities and Commodities Authority in the United Arab Emirates.
The final offer price will be determined through a book-building process, based exclusively on subscription orders received from investors in this tranche. The minimum subscription amount in this tranche is AED 1 million.
The third tranche represents 1% of the offering shares, equivalent to 17.352 million shares, and is allocated to eligible employees of Dubai Investments and its subsidiaries who meet the eligibility criteria set out in the prospectus.
Each successful subscriber in this tranche is guaranteed a minimum allocation of 5,000 shares, provided that their subscription amount is sufficient to purchase at least 5,000 shares at the final offer price, in accordance with the terms and limits set out in the prospectus, with a minimum subscription amount of AED 5,000.
The fourth tranche represents 2% of the offering shares, equivalent to 34.704 million shares, and is allocated to eligible shareholders of Dubai Investments as of the record date of 28 October current month.
Each successful subscriber in this tranche is guaranteed a minimum allocation of 5,000 shares, provided that their subscription amount is sufficient to purchase at least 5,000 shares at the final offer price, in accordance with the terms and limits set out in the prospectus. The minimum subscription amount is AED 5,000.
The Selling Shareholder reserves the right to amend the size of the offering or any of the tranches prior to the end of the subscription period, subject to applicable laws in the United Arab Emirates and obtaining the approval of the Securities and Commodities Authority in the United Arab Emirates, provided that the second tranche remains at a level of not less than 60% of the offering shares, and that the total of the first, third, and fourth tranches does not exceed 40%.
The offer price will be determined in UAE Dirhams upon the completion of the book-building process, with the price range to be announced prior to the commencement of the offering period, and the final price and final offering size to be announced after the close of the second tranche subscription period.
The Subscription Period Commences on 27 October Current Month and Ends on 3 November
It is expected that the subscription period will commence on 27 October current month and end on 3 November 2026, with the shares to be listed on the Dubai Financial Market on or about 11 November next, subject to obtaining the necessary regulatory approvals.
As part of the offering, the Selling Shareholder will appoint XCube, licensed by the Dubai Financial Market to engage in price stabilization activities, as the Stabilization Manager. To the extent permitted by applicable laws, including the trading rules of the Dubai Financial Market, it may conduct price stabilization transactions in the market aimed at supporting the market price of the offering shares.
The appointment period of the Stabilization Manager extends from the date of commencement of trading of the shares on the Dubai Financial Market until a date no later than 30 days from that date (the Stabilization Period).
The Selling Shareholder will sell 173.524 million shares of the offering shares allocated for price stabilization, and these shares will be allocated to investors as part of the standard allocation process for the public offering.
In the event that the trading price of the offering shares on the Dubai Financial Market falls below the offer price at any time during the stabilization period, the Stabilization Manager shall use the proceeds from the sale of the stabilization shares to purchase a number of offering shares from the market not exceeding the number of stabilization shares, at a price equal to or lower than the offer price, with the aim of supporting the market price of the offering shares.
Pursuant to the underwriting agreement intended to be entered into between the Selling Shareholder, the company, and the joint bookrunners as defined below prior to listing, each of the Selling Shareholder and the company will be subject to a lock-up period of 180 days from the listing date, subject to customary exceptions.
Upon completion of the offering, assuming the sale of all offering shares and no adjustment to its size, the Selling Shareholder will retain 80% of the company's issued share capital.
It is worth noting that the internal Sharia supervisory committees of both Emirates NBD and Dubai Islamic Bank are expected to issue statements confirming, in their opinion, the compliance of the offering with the provisions of Islamic Sharia. Investors must conduct their own review to ensure the offering's compliance with Islamic Sharia provisions in accordance with their requirements.
Citigroup Global Markets Limited, Emirates NBD Capital, and HSBC Bank Middle East Limited have been appointed as joint global coordinators for the offering.
Furthermore, Abu Dhabi Commercial Bank, Arqaam Capital Limited, Dubai Islamic Bank, and EFG Hermes UAE Limited, in cooperation with EFG Hermes UAE LLC, have been appointed as bookrunners.
Al Mal Capital PSC has been appointed as financial advisor, Emirates NBD Capital as listing advisor, and Emirates NBD Bank as the lead receiving bank.
Regarding the investment fundamentals of DIB Holding, it is the owner of one of the most prominent master-planned multi-use developments in Dubai, which enjoys a prime strategic location, spans an area of 23 million square meters, and has been developed over more than 25 years as an integrated environment combining work, living, and operational activities.
This integrated ecosystem combines a broad industrial and logistics base with residential and commercial facilities supported by essential services, serving approximately 1,000 tenants, comprising around 5.7 thousand subleases and more than 150,000 residents, with a land lease contract occupancy rate of 99.9% as of 30 June 2026.
The development enjoys a strategic location between Jebel Ali Port and Al Maktoum International Airport, with multi-modal connectivity, alongside benefiting from sustainable growth in Dubai's southern corridor.
The business model is anchored on an infrastructure development and land leasing platform based on long-term land lease contracts typically renewable for 30 years or more, with built-in rent escalations via periodic market-based repricing.
Land leasing occupies an advanced position within the tenants' capital structure, supported by investments exceeding AED 42 billion injected by tenants into their leased spaces within the development, reinforcing their long-term commitment. Together, these fundamentals provide a high degree of revenue visibility and support the resilience and capability of the business model.
As for recurring and diversified revenues, the group generates its revenues from three main sources including land rentals, sublease fees, and ancillary services.
Given that Dubai Investments Park is fully developed and tenants assume responsibility for financing and developing their own buildings and facilities, the ongoing capital expenditure requirements of the development remain limited for generating revenues, which is supported by the group's ability to generate strong cash flows while benefiting from multiple recurring revenue sources.
According to the company's prospectus, the fundamentals supporting DIB Holding include a disciplined leasing framework and advanced tenant relationship management, achieving near-full occupancy rates, high collection efficiency, and incremental rent growth.
These operations are enhanced through an integrated digital platform for tenant services management that facilitates application, payment, and approval procedures. Additionally, the low cost base, limited maintenance capital expenditures, and diversified end-user base enhance operating leverage, generate strong cash flows, and strengthen resilience against changing market conditions.
The group enjoys a strong financial position and generates high-margin recurring income through a capital-efficient model. Building on the strong financial growth achieved during 2024 and 2025, Dubai Investments Park continued this momentum during the first half of 2026, recording growth in revenues and profits.
Medium-term growth is underpinned by contractual rent increases and market-based renewals, growing subleasing activity, and the strategic repositioning by tenants.
As of 30 June 2026, the group had successfully repriced 0.8 million square meters of leased space and had a contractual plan to reprice approximately 10.7 million square meters, representing about 86% of the operational land lease portfolio, during the period from the second half of 2026 through 2030.
During the first half of 2026, the development witnessed the repositioning of approximately 184 thousand square meters of space toward higher-value uses, resulting in increases in rental values. This included converting nine plots of land from industrial to logistic use, leading to a tangible increase in land rentals for these plots.
Over the long term, the group retains additional expansion opportunities through the potential to replicate its proven low-capital-expenditure land rental model in other selected high-growth locations. Dubai Investments PJSC is expected to develop any early-stage inorganic growth opportunities, with the group considering such opportunities on an arm's-length basis only if they are proven to be value-accretive and serve the best interests of shareholders.
