19 October 2026
Dubai Investments will sell 1,735,243,300 existing shares, or 20% of the issued capital, of DIP Holding, the owner of the operator of Dubai Investments Park, through an initial public offering on the Dubai Financial Market (DFM), according to offering documents published on 19 October 2026. Subscription runs from 27 October to 3 November 2026, the minimum application for individual investors is AED 5,000, the final price will be announced on 4 November and trading is expected to start on or around 11 November. The National reports that this is the first IPO in the UAE this year. Dubai Investments Park houses about 1,000 tenants, 5,700 subtenants and more than 150,000 residents, and average occupancy of its ground leases was about 98% in 2020-2025.
Key dates of the DIP Holding IPO
| Date (2026) | Step |
|---|---|
| 27 October | Offer price range announced, subscription opens |
| 31 October, 1pm | Last time for applications paid by cheque |
| 2 November, 1pm | Last time for applications through specified bank transfer systems |
| 3 November, 1pm | Subscription closes for ATM, internet banking, mobile app and website applications |
| 4 November | Final offer price announced |
| 10 November | Allocation for the public, employee and shareholder tranches, SMS notices and refunds begin |
| On or around 11 November | Shares expected to start trading on DFM |
The timetable is subject to regulatory approvals and market conditions, according to the offering documents.
What exactly is being sold
The offer consists only of existing shares held by Dubai Investments PJSC, which is itself listed on DFM. It is a sale of part of the parent company’s holding, not an issue of new shares, so DIP Holding does not raise fresh capital from the offering. If all offer shares are allocated and the offer size remains unchanged, Dubai Investments will keep 80% of DIP Holding.
The shares have a nominal value of AED 0.20 each. This is the share capital value, not the price investors will pay. The offer price range will be published on 27 October, and the final price will be set through bookbuilding, using orders from the second tranche of professional investors. The documents do not yet give an offer price, a total offer size in AED or a dividend yield.
Dubai Investments and DIP Holding will be subject to a lock-up of 180 days from listing. xCube LLC will act as stabilisation manager for up to 30 days after admission. Citigroup Global Markets, Emirates NBD Capital and HSBC Bank Middle East are joint global coordinators, and ADCB, Arqaam Capital, Dubai Islamic Bank and EFG Hermes are joint bookrunners. The Shariah supervision committees of Emirates NBD and Dubai Islamic Bank have issued, or are expected to issue, pronouncements that the offering is Shariah compliant.
How the offer is split between investors
| Tranche | Shares, who can apply and minimum |
|---|---|
| First, 5% | 86,762,165 shares. Individual and other investors with a DFM investor number (NIN), minimum AED 5,000, then multiples of AED 1,000, guaranteed minimum allocation of 2,000 shares |
| Second, 92% | 1,596,423,836 shares. Professional investors, minimum AED 1 million |
| Third, 1% | 17,352,433 shares. Eligible employees of Dubai Investments and its subsidiaries |
| Fourth, 2% | 34,704,866 shares. Eligible Dubai Investments shareholders on the record date of 28 October, minimum AED 5,000 |
To qualify for the fourth tranche, Dubai Investments shares must be bought by 26 October. The selling shareholder can change the offer size and the split between tranches, subject to regulatory approval, and the documents set no maximum subscription amount.
What investors would own
DIP Holding owns Dubai Investments Park Development Company, the operator of Dubai Investments Park. The park was established in 1997 on Sheikh Mohammed Bin Zayed Road, near Al Maktoum International Airport and Jebel Ali Port, and covers 1,270 plots. It combines logistics, industrial, commercial and residential areas, with warehousing, hotels, retail, schools and medical centres. The business described in the offering documents is ground rent and recurring services to tenants across the development.
Financial results and dividend plan
| Indicator | Value |
|---|---|
| Revenue 2023 | AED 838 million |
| Revenue 2024 | AED 892 million |
| Revenue 2025 | AED 960 million |
| Adjusted EBITDA 2025 | AED 678 million |
| Net profit 2025 | AED 1.09 billion |
| Revenue H1 2026, like for like | AED 492 million, up 7% from AED 460 million |
| Adjusted EBITDA H1 2026 | AED 355 million, margin 72% |
| Net profit H1 2026 | AED 444 million, up from AED 418 million |
In the first half of 2026, ground rent rose 4% to AED 302 million and subleasing revenue rose 31% like for like to AED 92 million, while ancillary income fell 2% to AED 98 million. Cash conversion was 97%.
DIP Holding expects to pay annualised dividends of AED 700 million for 2026, AED 725 million for 2027 and AED 750 million for 2028, and payouts in line with or above the 2028 level from 2029. The 2026 figure excludes an AED 100 million pre-IPO dividend paid to Dubai Investments in September 2026. The company intends to pay dividends twice a year, subject to board recommendation, shareholder approval and distributable reserves. The first payment after the IPO, AED 350 million, is planned for April 2027 and covers the whole second half of 2026.
How to apply
Every applicant needs a DFM investor number, known as a NIN. Applications can be made through the exchange’s IPO platform and the electronic channels of the receiving banks, subject to each channel’s requirements. Emirates NBD is the lead receiving bank. The other receiving banks are Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates Islamic, First Abu Dhabi Bank and Wio. Deadlines differ by payment method, from 1pm on 31 October for cheques to 1pm on 3 November for online and ATM applications.
Context: a quiet IPO market
According to Dealogic data cited by The National, UAE companies raised USD 1.1 billion through three IPOs in 2025, and the wider Middle East raised USD 7.1 billion from 61 listings, down from USD 13 billion a year earlier. Dubai Investments first said in September 2025 that it was in talks with banks to list up to 25% of the unit, and in April 2026 it said it was still evaluating the listing without a final decision on timing. The final offer is 20%. In September 2026 retail investors in the UAE also had access to another instrument, the second retail T-Sukuk from AED 1,000.
What it means for companies and residents in the UAE
The IPO is a change in the ownership of the park operator. No changes to lease terms for tenants of Dubai Investments Park have been announced. For investors, the practical points are the NIN, the tranche, the payment channel and the deadlines:
- Obtain a DFM investor number (NIN) before applying, the deadline for online applications is 1pm on 3 November.
- Check the tranche: the first tranche starts at AED 5,000, the second tranche at AED 1 million for professional investors.
- Read the offer price range published on 27 October and the prospectus before applying.
- Choose the payment channel and its own deadline: cheque, bank transfer system or online banking.
- If a UAE company is going to invest, check that its corporate account and authorised signatories allow investments in listed shares.
This article is for information only and is not investment advice.
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Conclusion
Dubai Investments is selling 20% of DIP Holding, or 1,735,243,300 existing shares, in the first UAE IPO of 2026. Subscription runs from 27 October to 3 November with a minimum of AED 5,000 for individual investors, the price range comes on 27 October, the final price on 4 November and trading on DFM is expected on or around 11 November. DIP Holding reported revenue of AED 960 million in 2025 and plans dividends of AED 700 million for 2026, rising to AED 750 million for 2028.
Source: Gulf News, Khaleej Times, The National.
FAQ
When can I subscribe to the DIP Holding IPO?
Subscription opens on 27 October 2026 and closes at 1pm on 3 November 2026 for online, mobile and ATM applications. Cheque applications close at 1pm on 31 October and bank transfer system applications at 1pm on 2 November. The final price is announced on 4 November and trading on DFM is expected on or around 11 November.
What is the minimum investment in the DIP Holding IPO?
In the first tranche for individual and other investors the minimum application is AED 5,000, with further amounts in multiples of AED 1,000, and each subscriber is guaranteed a minimum allocation of 2,000 shares. The second tranche for professional investors starts at AED 1 million.
How much of DIP Holding is Dubai Investments selling?
Dubai Investments is selling 1,735,243,300 existing shares, or 20% of DIP Holding’s issued share capital, and will keep 80% if the offer size stays unchanged. No new shares are issued, so the proceeds go to the selling shareholder, not to DIP Holding.
What do I need to apply for a UAE IPO on DFM?
Every applicant needs a DFM investor number (NIN). Applications for the DIP Holding IPO are accepted through the DFM IPO platform and the electronic channels of receiving banks, led by Emirates NBD, together with ADCB, ADIB, Dubai Islamic Bank, Emirates Islamic, First Abu Dhabi Bank and Wio.
