DIP Holding
Pre IPO
100% owned by Dubai Investments PJSC
Post IPO
20% free float on the DFM
80% owned by Dubai Investments PJSC
DIP Holding is the company behind Dubai Investments Park (DIP) – an approximately 23 million sqm, mixed-use master community in Dubai. Its wholly owned subsidiary, Dubai Investments Park Development Company (DIPDC), operates an infrastructure-like ground rent and services platform providing long-term ground leases (typically 30+ year terms) across Logistics, Industrial, Residential and Commercial sectors.
100% owned by Dubai Investments PJSC
20% free float on the DFM
80% owned by Dubai Investments PJSC
Operates and manages DIP under a 99-year government headlease
DIPDC is 100% owned by DIP Holding
A mature, 23 million sqm mixed-use master community located in Dubai’s growing southern corridor.
“Our intention to list DIP Holding on the Dubai Financial Market represents a natural next step in a journey that began more than 25 years ago. Dubai Investments has long sought to incubate distinctive businesses and pioneering concepts. DIP is one of the clearest examples of that approach at work. What began as an ambitious vision for an integrated mixed-use destination has developed into a fully established and highly sought-after platform supporting businesses and communities across the logistics, industrial, commercial and residential sectors.”
“Our IPO marks an important milestone in DIP Holding’s journey and reflects the strength and resilience of our differentiated, infrastructure-like business model.
Built on long-term ground leases and the provision of essential services, DIP has established a highly resilient and integrated ecosystem. Ground lease occupancy remains close to 100% across all four sectors, reflecting sustained demand for our strategically located, well-managed destination within Dubai's southern growth corridor and the long-term relationships we have built with our tenants.”
Under a 99-year headlease signed with the Government of Dubai in 1999, DIP offers long-term ground rent, and community infrastructure and other services to four core segments: Logistics, Industrial, Residential and Commercial.
Ground rent is the rent paid by tenants for the right to use land within DIP under long-term lease agreements. Tenants develop and operate their own buildings and facilities on that land, while DIP earns income from the land lease and related services.
Revenue
FY’25
AED 960m
up 7.6% YoY
Adjusted EBITDA
FY’25
AED 678m
up 7.4% YoY
Adjusted EBITDA Margin
FY’25
71%
Profit for the Year
FY’25
AED 1,093m
up 14.2% YoY
Cash Conversion
FY’25
98%
Revenue
AED 492m
(up 1.8% YoY)H1'25 AED 483m
+1.8% YoY
Adjusted EBITDA1
AED 355m
(up 3.8% YoY)H1'25 AED 342m
+3.8% YoY
Adjusted EBITDA Margin
72%
H1'25 71%
Profit for the Period
AED 444m
(up 6.1% YoY)H1'25 AED 418m
+6.1% YoY
Cash Conversion
97%
H1'25 98%
DIP’s strategic location places it within Dubai’s growing southern corridor, a key logistics corridor, and a focal point of ongoing economic development and infrastructure expansion.
Close proximity to Jebel Ali Port, the busiest port in the Middle East
Adjacent to Al Maktoum International Airport
Direct access to major arterial highways including Sheikh Mohammed Bin Zayed Road
Dedicated Dubai Metro station
A “City-within-a-City”, Powering Economic Progress
DIP Holding intends to adopt a semi-annual cash dividend distribution policy aligned with its strong cash flow generation.
Expected Annualised Dividend:
1 Excludes AED 100m pre-IPO dividend which was paid out in September 2026
19 October2026
Announcement
27 October2026
Offer Opens
3 November2026
Subscription Closes
4 November2026
Final Price
10 November2026
Allocation
10 November2026
Refunds
11 November2026
Listing
Ensure you have an Investor Number (NIN) issued by the Dubai Financial Market (DFM). If you don’t have a NIN, you can apply on the DFM app or call the DFM call center at +971 4 3055555. Alternatively, you can approach a DFM-licensed brokerage to obtain an Investor Number on your behalf.
Review the content and documents on this IPO webpage to access more information about the Company and the IPO. The Prospectus provides all material information required to allow you to make an informed investment decision.
You can subscribe to the offering through the DFM app or one of the Receiving Banks. Each Receiving Bank will have its own channels, which typically include online, in-branch or through your bank relationship manager. The list of Receiving Banks and their details can be found at the bottom of this webpage and in the Prospectus.
You will be notified of the number of units allocated to you. You may or may not receive the full allocation of your order. Any excess monies will be refunded to you.
DIP is a fully developed and established, self-contained, mixed-use community spanning 23 million sqm in Dubai’s southern corridor, often described as a “city-within-a-city”. It combines Logistics, Industrial, Residential and Commercial uses with supporting infrastructure and amenities. DIP is home to approximately 1,000 tenants, approximately 5,700 sub-leases and more than 150,000 residents.
DIP Holding, through DIPDC, operates a ground rent and services platform with three main revenue streams:
Ground lease income from long-term leases of land plots to tenants
Sub-leasing fee income from charges applied when tenants sub-lease space to third parties
Services and ancillary income including lease transfer fees, service charges and sewerage charges
Ground rent is the rent paid by tenants for the right to use serviced plots within DIP under long-term lease agreements. Tenants generally fund and develop their own buildings and facilities, while DIP earns recurring ground rent and related service income.
DIP’s business model is described as “infrastructure-like” because it provides long-term access to serviced plots and essential infrastructure and services, while tenants generally fund their own buildings and facilities. This supports recurring revenues, long lease durations and limited ongoing capital requirements.
DIP Holding is not a traditional real estate developer. Through DIPDC, the Group focuses on operating a long-term ground rent and services platform rather than developing and selling buildings.
The Company leases serviced plots on a long-term basis to tenants from the Logistics, Industrial, Residential and Commercial sectors and provides infrastructure and services across the Park. Tenants are generally responsible for developing and financing their own buildings and facilities.
This capital-light model differs from a traditional property development model, which typically requires higher development capital and is more exposed to property sales cycles.
DIP Holding expects to adopt a semi-annual dividend policy aligned with its cash flow generation.
The Group has announced the following annualised dividend targets:
FY’26: AED 700m (Distribution of AED 350m targeted in April 2027 in respect of H2’26) – excluding a pre-IPO dividend of AED 100m which was distributed to the Selling Shareholder in September 2026.
FY’27: AED 725m (AED 362.5m targeted in October 2027 for H1’27 and AED 362.5m targeted in April 2028 for H2’27)
FY’28: AED 750m (AED 375m targeted in October 2028 for H1’28 and AED 375m targeted in April 2029 for H2’28)
For FY’29 and beyond, the Group expects to continue paying dividends in line with or above the 2028 level. Dividend distributions are subject to the recommendation of the Board of Directors, shareholder approval, and availability of distributable reserves.
Yes. The first post-IPO distribution is currently expected to be AED 350 million in April 2027, in respect of the full second half of 2026. This means shareholders who hold shares on the relevant record date would participate in a distribution relating to the full H2 2026 period, even though DIP Holding is expected to list in November.
As with all dividends, payment remains subject to the relevant Board and shareholder approvals, availability of distributable reserves and other applicable considerations.
This is a secondary offering. The Offer Shares are being sold by Dubai Investments PJSC, DIP Holding’s sole shareholder. DIP Holding will not receive any proceeds from the sale of shares in the Offering.
5% of the Offer Shares are allocated to the First Tranche (retail and other eligible investors in the UAE), representing 86,762,165 shares.
Each successful First Tranche subscriber will be guaranteed a minimum allocation of 2,000 shares, subject to the terms and conditions set out in the Prospectus.
In addition, the Offering includes two reserved tranches:
Third Tranche: 1% of the Offer Shares, representing 17,352,433 shares, is allocated to eligible employees of Dubai Investments PJSC and its subsidiaries. Each successful subscriber will be guaranteed a minimum allocation of 5,000 shares, provided their subscription amount is sufficient to purchase at least 5,000 Shares at the Final Offer Price, and subject to the terms of the Prospectus.
Fourth Tranche: 2% of the Offer Shares, representing 34,704,866 shares, is allocated to eligible natural-person shareholders of Dubai Investments PJSC. Each successful subscriber will be guaranteed a minimum allocation of 5,000 shares, provided their subscription amount is sufficient to purchase at least 5,000 Shares at the Final Offer Price, and subject to the terms of the Prospectus.
Dubai Investments will remain the majority shareholder of DIP Holding following the IPO, and DIP Holding’s results will continue to be consolidated in Dubai Investments’ financial statements.
As this is a secondary offering, the net proceeds will be received by Dubai Investments and can support its broader capital allocation priorities.
Eligible natural-person shareholders of Dubai Investments as of the record date of 28 October 2026 are eligible to participate in the dedicated Fourth Tranche, subject to the terms set out in the Prospectus. To qualify, investors must hold Dubai Investments shares no later than 26 October 2026; shares acquired after that date will not qualify for the Fourth Tranche.