DIP Holding Plc (“DIP Holding”), a subsidiary of Dubai Investments PJSC (“Dubai Investments” or “Selling Shareholder“), today announces its intention to list its shares on the Dubai Financial Market (“DFM”) through an Initial Public Offering (“IPO” or the “Offering”). Dubai Investments, as the Selling Shareholder, intends to offer 1,735,243,300 existing ordinary shares representing 20% of DIP Holding’s issued share capital, through the IPO.
DIP Holding is sole shareholder of Dubai Investments Park Development Company LLC (“DIPDC”), operating Dubai Investments Park (“DIP”), a 23 million sqm infrastructure-like ground rent and services platform offering long-term ground leases for tenants across logistics, industrial, residential and commercial uses.
DIP serves around 1,000 tenants across logistics, industrial, residential and commercial sectors, supports approximately 5,700 sub-leases and is home to more than 150,000 residents. Ground lease occupancy stood at approximately 99.9% as at 30 June 2026, reflecting sustained demand. DIP’s strategic location between Jebel Ali Port and Al Maktoum International Airport also places DIP within Dubai’s expanding southern corridor, which is expected to benefit from continued infrastructure investment and economic diversification.
Commenting on the proposed IPO, Khalid bin Kalban, Vice Chairman and CEO, Dubai Investments and Chairman, DIP Holding, said: “DIP Holding and the Dubai Investments Park ecosystem that underpins it are a clear example of a long-term vision realised. Dubai Investments Park has evolved into one of Dubai’s largest integrated mixed-use ecosystems, supported by a diversified tenant base, recurring revenues and strong underlying fundamentals. The proposed IPO represents a natural next step in the Company’s evolution and reflects the maturity, scale and quality of the business.
The proposed IPO comes at a time when Dubai’s capital markets continue to demonstrate depth and maturity, supported by strong economic fundamentals, a well-established regulatory framework and sustained investor confidence in the UAE. With a resilient operating model, visible long-term drivers and a strategic position within Dubai’s growth story, DIP Holding is well positioned to deliver sustainable value for shareholders while continuing to contribute to the Emirate’s economic development. The transaction supports continued investment opportunities in Dubai, reinforcing a long-standing commitment to the Emirate’s growth agenda.”
The established operating model has provided a solid foundation for steady financial growth, underpinning recurring revenue and strong long-term cash generation. Reflecting on this operating strength, DIP Holding generated revenue of AED 960 million and an adjusted EBITDA of 678 million in 2025. That momentum continued in the first half of 2026, when revenue rose to AED 492 million, with adjusted EBITDA of AED 355 million, representing a 72% adjusted EBITDA margin, while maintaining robust cash conversion at 97%.
Building on its strong financial performance, DIP Holding has clear avenues for future growth through contractual ground rent repricing, increasing subleasing activity and the repositioning of plots towards higher value uses.
Supported by its cash-generative business model, it has a long track record of cash generation and distributions. DIP Holding expects to pay annualised dividends of AED 700 million, AED 725 million and AED 750 million for 2026, 2027 and 2028 respectively and intends to adopt a semi-annual cash dividend policy, subject to the relevant approvals.
The first post-IPO dividend distribution is expected to be AED 350 million, payable in April 2027 in respect of the second half of 2026. Eligible investors participating in the IPO are expected to benefit from the dividend distribution for the full second half 2026 period, rather than only the timeframe following the anticipated listing in November 2026.
The proposed IPO also provides opportunities for retail investor participation. A dedicated Fourth Tranche, representing a further 2% of the offering, is reserved for eligible individual shareholders of Dubai Investments. Eligibility for the Fourth Tranche will be determined by a record date of 28 October 2026, with shares in Dubai Investments required to have been acquired no later than 26 October 2026. Further details on the tranches can be found on DIP Holding’s Prospectus.
The IPO subscription period is expected to run from 27 October to 3 November 2026, with admission of DIP Holding’s shares to trading on the DFM anticipated on or around 11 November 2026, subject to applicable regulatory approvals and market conditions. The IPO proceeds will be received by the Dubai Investments and will largely be utilized towards expansion of Dubai Investments’ businesses and general corporate purposes.
