Dubai Holding will offer a 12.5% stake in its Dubai Residential REIT on the Dubai Financial Market, marking the GCC’s largest listed residential leasing-focused REIT. The IPO will open on May 13 and close on May 20, with trading set to begin on or around May 28 under the symbol “RESI”.
The REIT, managed by DHAM REIT Management, will offer 1.625 billion units. The listing aims to provide liquidity, raise the profile of Dubai Residential REIT, and allow DHAM Investments—the sole unitholder—to divest part of its holding. The offering is split between retail investors (10%) and institutional investors (90%).
The REIT holds 35,700 residential units across 21 communities, with a gross asset value of Dh21.63 billion—more than double the combined value of the region’s five largest listed REITs. Average occupancy rose to 97% in 2024, with a tenant mix of 57% individuals and 43% corporates. Retention reached 87%.
For FY2024, revenue was Dh1.79 billion, with Dh1.18 billion in post-management fee EBITDA and Dh1.06 billion in free cash flow. The REIT expects to distribute at least 80% of profits as dividends, subject to board approval. The first two dividend payments—scheduled for September 2025 and April 2026—are expected to total Dh1.1 billion or 80% of adjusted profits.
Dubai Holding integrated Nakheel and Meydan’s residential portfolios under the REIT in 2023. The portfolio spans premium, community, affordable, and corporate housing segments. Around 6% of all rental transactions in Dubai in 2024 were from REIT-owned properties.
Joint global coordinators include Citigroup, Morgan Stanley, and Emirates NBD Capital. xCube LLC will act as the price stabilisation manager. The final offer price will be announced on May 21.
The launch comes amid rising demand in Dubai’s rental market, with rents growing 17% annually between Q1 2021 and Q4 2024. Population growth, long-term visas, and social reforms have supported leasing demand, with projections of stable 80–90% occupancy through 2030 despite a supply pipeline of 200,000 new units.
