DUBAI — Dubai Investments will sell a 20 per cent stake in DIP Holding, the owner of the Dubai Investments Park development, in an initial public offering on the Dubai Financial Market, the company said on Monday. It is the first IPO in the UAE this year.

The offer consists of 1,735,243,300 existing shares held by Dubai Investments, according to the offer document. Subscriptions open on October 27 and close on November 3, and the shares are expected to begin trading on or around November 11, subject to regulatory approvals and market conditions.

The listing breaks a long pause in a market that was one of the busiest in the world for new share sales until the war with Iran, now in its eighth month, pushed companies to shelve their plans. UAE companies raised $1.1 billion through three IPOs in 2025, according to Dealogic data cited by The National, and Middle East listings as a whole raised $7.1 billion from 61 deals last year, down from $13 billion the year before.

Dubai Investments, a listed conglomerate in which the sovereign fund Investment Corporation of Dubai holds a stake, will keep 80 per cent of DIP Holding if the offer size is unchanged and all shares are allocated. Because only existing shares are being sold, DIP Holding itself will not raise new capital from the deal.

Individual investors with a DFM investor number can apply for the public tranche, which accounts for 5 per cent of the offer, or about 86.8 million shares, with a minimum application of Dh5,000 and a guaranteed minimum allocation of 2,000 shares, Khaleej Times reported. Professional investors will be offered 92 per cent of the shares, with a minimum subscription of Dh1 million, and the final price will be set by book-building based solely on that tranche.

A further 1 per cent is reserved for eligible employees of Dubai Investments and its subsidiaries, and 2 per cent for Dubai Investments shareholders on the register on October 28. The price range is due to be announced on October 27 and the final price on November 4, according to Gulf News. Allocations for the public, employee and shareholder tranches will be announced on November 10, when refunds of surplus funds also begin.

DIP Holding owns Dubai Investments Park Development Company, which operates the park on Sheikh Mohammed bin Zayed Road near Al Maktoum International Airport and Jebel Ali Port. Established in 1997, the development combines warehouses, factories, offices, hotels, schools, clinics and housing across 1,270 plots. It has about 1,000 tenants, 5,700 subtenants and more than 150,000 residents, and the company said average ground-lease occupancy ran at about 98 per cent between 2020 and 2025.

Revenue rose from Dh838 million in 2023 to Dh892 million in 2024 and Dh960 million in 2025, when net profit was Dh1.09 billion and adjusted earnings before interest, tax, depreciation and amortisation were Dh678 million, Khaleej Times reported. In the first half of 2026, like-for-like revenue grew 7 per cent to Dh492 million and net profit rose to Dh444 million from Dh418 million a year earlier.

The company is pitching the shares on income. It expects to pay annualised dividends of Dh700 million for 2026, Dh725 million for 2027 and Dh750 million for 2028, paid twice a year, with payouts from 2029 at or above the 2028 level. The first post-listing payment of Dh350 million is due in April 2027 and covers the whole second half of 2026, so investors who buy in the IPO will receive it despite the November listing date. The 2026 figure excludes a Dh100 million dividend paid to Dubai Investments in September, before the float.

Khalid Jassim Bin Kalban, chairman of DIP Holding, called the listing "a natural next step in a journey that began more than 25 years ago", according to Khaleej Times.

Omar AlMesmar, the chief executive, said the IPO "marks an important milestone" and that the company's priorities as a listed business would be "disciplined execution, operational excellence and predictable, sustainable performance".

Citigroup Global Markets, Emirates NBD Capital and HSBC Bank Middle East are joint global coordinators. ADCB, Arqaam Capital, Dubai Islamic Bank and EFG Hermes are joint bookrunners, and Emirates NBD is the lead receiving bank alongside ADCB, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates Islamic, First Abu Dhabi Bank and Wio. xCube will act as stabilisation manager for up to 30 days after admission, and Dubai Investments and DIP Holding have agreed to a 180-day lock-up.

Dubai Investments said in September 2025 that it was in talks with banks about listing up to 25 per cent of the park business, a figure later trimmed to 24 per cent in its filings. In the spring the board set itself a decision point of May 15 before clarifying that no final decision on timing had been taken, as volatility linked to the war thinned out deal flow across the Gulf. The last large Dubai listing, ALEC Holding, raised $381 million in October 2025, according to The National.

Payment deadlines for retail applicants fall at 1pm on October 31 for cheques, November 2 for designated bank transfers and November 3 for applications through ATMs, online banking and mobile apps. The final offer price will be published on November 4, a week before DIP Holding is scheduled to become the DFM's first new listing of the year.