Dubai Investments said it will decide by May 15 whether to proceed with the IPO of its real estate unit or delay the transaction until October, according to Vice Chairman and CEO Khalid Bin Kalban. Moreover, the review comes as regional tensions prompt several companies to reassess listing timelines.
“We will make a final decision before May 15. Most of our investors are very positive and are urging us to proceed with the IPO, as Dubai Investments Park (DIP) has not been affected by the crisis in the region. Its rental revenues and long-term leases continue to grow, giving it strong long-term visibility,” Kalban told Zawya.
Heightened geopolitical uncertainty has increased across the GCC following recent developments involving Iran. As a result, several corporates have begun reviewing their IPO strategies and capital market plans.
DIP stake sale and valuation expectations
Dubai Investments plans to sell a 25% stake in Dubai Investments Park, one of the UAE’s largest integrated mixed-use developments. Additionally, the company is in talks with investment banks including ENBD Capital, HSBC, Citi, Arqaam Capital and EFG Hermes.
Kalban said DIP’s valuation is expected to range between $10.8 billion and $11 billion. Moreover, he described the estimate as conservative.
“This figure is a bit conservative and has been discounted,” he said.
Broader IPO pipeline remains intact
Dubai Investments operates around 35 subsidiaries and associate companies across real estate, healthcare and investments. Furthermore, it is also considering future IPOs for Emicool, its district cooling unit, as well as Emirates Glass and pharmaceutical manufacturer Globalpharma, subject to expansion and favourable market conditions.
“There is no change in our plans to IPO these companies in the coming years,” Kalban said.
In 2025, the company reported total income of AED4.63 billion. Additionally, rental income reached AED1.19 billion, supported by growth in its real estate, manufacturing and investment businesses.
After establishing DIP, the company said it is in talks with authorities in other UAE emirates to replicate the model. Moreover, it is developing a 2,000-hectare integrated economic zone in Angola, known as DIP Angola, in Barra do Dande, which will include industrial, residential and commercial zones.
Prior to the escalation in regional tensions, the UAE market was expected to see multiple IPO candidates. Meanwhile, potential listings included a Dubai Holding subsidiary, Emirates Global Aluminium, and Abu Dhabi-based Arabian Construction Company.
