Dubai Holding is targeting up to Dh1.79 billion ($487 million) in proceeds from the initial public offering of its residential real estate investment trust, marking Dubai’s first IPO of 2025.
The REIT, managed by DHAM Investments—a subsidiary of Dubai Holding—is offering 1.62 billion units or 12.5% of its issued capital. The price range has been set between Dh1.07 and Dh1.10 per unit, implying a market capitalisation between Dh13.9 billion and Dh14.3 billion.
The subscription period opened on May 13 and will close on May 20, with the final offer price expected on May 21. The issuer reserves the right to adjust the size of the offering at any point before the close of subscriptions.
The listing is scheduled for May 28 on the Dubai Financial Market (DFM). The REIT, which focuses on residential leasing, manages a portfolio of 35,700 units across Dubai, making it the first to be listed in the GCC.
The IPO is structured into two tranches: a retail tranche comprising 10% of the offering (162.5 million units) and an institutional tranche representing 90%, open to qualified investors.
Dubai Holding stated that the REIT aims to distribute at least Dh1.1 billion in dividends for 2025. From 2026, it expects to pay out 80% of its profit before changes in the fair value of investment properties. Based on the IPO price range, the REIT offers a projected gross dividend yield for 2025 between 7.7% and 7.9%.
The offering comes amid rising investor interest in real estate-linked yield products across the Gulf and follows a pause in large IPO activity after recent global market volatility.
