A conglomerate owned by the Ruler of Dubai intends to list a selection of residential property assets on the domestic stock exchange, aiming to benefit from the emirate’s flourishing property market.
According to a statement issued on Monday, Dubai Holding plans to consolidate these assets into a real estate investment trust (REIT). The company will offer around 12.5% of the Dubai Residential REIT in the proposed listing.
The REIT manages 35,700 residential units across the city and, once listed, will be among the largest in the region. Dubai Holding stated that its gross asset value of AED 21.6 billion (USD 5.88 billion) is nearly twice the combined value of the region’s five largest REITs.
This listing will mark the first IPO in Dubai for the year and comes amid global market turbulence linked to US President Donald Trump’s extensive tariff policies. Although property prices in Dubai have climbed sharply in recent years, analysts caution that the tariff-related uncertainty and declining oil prices may pose potential risks.
Dubai Residential REIT will be the first publicly traded entity in the GCC dedicated solely to residential leasing, the firm noted. It plans to distribute dividends in two instalments totalling either AED 1.1 billion or 80% of its annual profits for the year ending December—whichever amount is greater.
The subscription window for the offering will be open from 13 May to 20 May. Emirates NBD Capital, Morgan Stanley, and Citigroup Inc. are acting as joint global coordinators, while Abu Dhabi Commercial Bank, Arqaam Capital, and First Abu Dhabi Bank are serving as joint bookrunners.
Dubai Holding also intends to float a separate REIT comprising commercial properties, including shopping centres and other retail assets, according to Bloomberg News. The entity’s assets are valued at AED 280 billion (USD 76 billion) and span luxury hotels and theme parks.
Since launching its privatisation initiative in 2021, Dubai has raised around USD 9 billion by listing firms such as a taxi operator, a utility provider, and a toll gate operator. State-owned Investment Corporation of Dubai is reportedly preparing to offer shares in ALEC Engineering & Contracting LLC as part of the ongoing initiative.
