Dubai Investments to List 20% of DIP Holding on DFM

Dubai Investments plans to sell a 20% stake in DIP Holding through a listing on the Dubai Financial Market, offering 1.74 billion existing shares. The UAE investment company announced the plan on Monday. It is the sole shareholder of DIP Holding and will sell the shares as the existing holder, which means the proceeds go to Dubai Investments. DIP Holding itself will receive no funds from the offering.

Subscription is scheduled to open on October 27 and run through November 3 inclusive. DIP Holding shares are expected to begin trading on November 11, subject to regulatory approvals.

The offering is split into four tranches. The first is open to individual subscribers and other eligible investors holding a valid national investor number issued by the DFM. The second is allocated to professional investors. The third is reserved for eligible employees of Dubai Investments Group, and the fourth for eligible Dubai Investments shareholders registered as of October 28.

Emirates NBD and Dubai Islamic Bank have issued pronouncements confirming the offering is Shariah-compliant. EFG Hermes UAE is acting as joint bookrunner.

Revenue and margins

DIP Holding reported 2025 revenue of AED 960 million ($261.4 million) and adjusted EBITDA of AED 678 million ($184.6 million). In the first half of 2026, revenue reached AED 492 million ($134 million) with adjusted EBITDA of AED 355 million ($96.7 million), an adjusted EBITDA margin of 72%. Cash conversion for the same period came in at 97%.

Dividend schedule

The company expects annualized dividends of AED 700 million ($190.6 million) for 2026, rising to AED 725 million ($197.5 million) in 2027 and AED 750 million ($204.3 million) in 2028. It intends to adopt a semiannual cash dividend policy, subject to approvals. The first post-IPO distribution is expected to total AED 350 million ($95.3 million) and to be paid in April 2027 for the second half of 2026. Investors who receive allocations in the offering are expected to qualify for the full second-half 2026 dividend.

Where growth is expected to come from

DIP Holding points to three levers: repricing ground rent contracts, more subleasing activity, and repositioning plots toward higher-value uses. The company says its cash-generative model and long operating record support its outlook.

The structure gives public shareholders a minority position while leaving Dubai Investments with control of the asset and a cash return it can redeploy. Dubai Investments says it intends to use the proceeds mainly to expand its businesses and for general corporate purposes. That makes the offering as much a monetization event for the parent as a capital raise for the subsidiary. The dividend guidance, meanwhile, sets out a fixed schedule of payments that income-focused investors can measure against the offer price. The first payout under that policy, AED 350 million for the second half of 2026, is due in April 2027.