Dubai Holding, the investment conglomerate owned by the ruler of Dubai, is reportedly planning to list two distinct segments of its real estate portfolio in 2025, aiming to capitalize on the booming property market in the city. Sources familiar with the matter shared that the company intends to separate its commercial and residential properties into distinct entities for the listings.
Dubai Holding is considering grouping its malls and other commercial assets into a single entity, which could potentially be listed on the stock exchange. Additionally, the company plans to bundle its residential assets into a real estate investment trust (REIT), with a listing expected to take place early next year, followed by the commercial listing later.
With assets totaling around 265 billion dirhams ($72 billion), Dubai Holding is one of the UAE’s leading investment vehicles. Its portfolio includes luxury hotels, theme parks, and a residential portfolio comprising 40,000 homes, which was recently rebranded following the company’s acquisition of state-backed developers Nakheel and Meydan. The company’s real estate ventures are positioned to benefit from the city’s property boom, driven by an influx of high-net-worth individuals and businesses attracted by Dubai’s tax-friendly policies and visa regulations.
While the discussions surrounding the listings are ongoing, with no final decisions on timing, structure, or valuations yet, the deals are being facilitated by a consortium of financial institutions. Emirates NBD Capital is leading the residential REIT project alongside Morgan Stanley and Citigroup Inc., while the commercial entity deal is being handled by Emirates NBD, HSBC, and JPMorgan Chase & Co.
The potential listings are part of Dubai’s broader strategy to expand and deepen its capital markets. The city has seen increasing activity in its stock exchange, with several state-owned companies and private enterprises listing their shares in recent years. This includes the listing of the high-end supermarket chain Spinneys 1961 Holding Plc earlier this year and the upcoming IPO of Delivery Hero’s Middle Eastern unit.
“The UAE has taken concrete steps to turn pledges and investments into action. The groundbreaking work on display is a testament to the UAE’s commitment and global leadership on food security and agricultural innovation,” Mariam said.
