DIP Holding Initial Public Offering (IPO)
IPO

DIP Holding Initial Public Offering (IPO)

Subscriptions for eligible retail investors open from 27 October & close on 3 November 2026.

DIP Holding PLC ("DIP Holding"), the company behind Dubai Investments Park ("DIP") - an Infrastructure-like ground rent and services platform located in the south of Dubai - has announced its intention to list 20% of its share capital on the Dubai Financial Market ("DFM") through an Initial Public Offering ("IPO").

Subscriptions will open on 27 October 2026.

Abu Dhabi Islamic Bank P.J.S.C, acting as a receiving bank, presents you with the opportunity to subscribe to DIP Holding's IPO on the DFM.

DIP Holding's investment proposition
DIP Holding owns 100% of the company that operates Dubai Investments Park ("DIP"), the well-established 23 million sqm mixed-use community located in the south of Dubai that brings together logistics, industrial, residential and commercial businesses and communities in one integrated destination.

A “city within a city”

SCALE

23.0m sqm | 17.1m sqm
Master-planned area | Gross leasable area (GLA)

ECOSYSTEM

~ 1,000 tenants
~ 5,700 sub-leases
+ 150,000 residents

DEMAND

99.9% occupancy as at 30 June 2026;
~ 98% average from 2020–2025

DIVERSITY

Logistics | Industrial | Commercial | Residential Sectors served

VISIBLITY

30+ years or more Contract duration

TENANT STICKINESS

AED 42bn+ | <2%
Invested by tenant in their own developments within DIP | Tenant’s ground payments as a % of total invested amount.

A differentiated "infrastructure-like" business model

1

DIP operates the Park under a long-term government headlease

Dubai Investments Park is operated under a 99-year headlease, providing a long-term foundation for the business.

2

DIP leases serviced plots to tenants

Tenants enter into long-term ground leases - typically 30 years or more - and fund and develop their own buildings and facilities. DIP does not develop any superstructures.

3

DIP earns recurring income

DIP generates income from ground rent, subleasing fees and services, while requiring limited ongoing capital investment.

Long-term contracts + tenant-funded development + recurring revenues = strong cash visibility with limited ongoing capex

High margins, strong cash generation

FY 2025

Dirham Symbol960M

REVENUE +7.6% YoY

Dirham Symbol678M

Adjusted EBITDA1 +7.4% YoY

71%

Adjusted EBITDA

Dirham Symbol1,093M

NET PROFIT +14.2% YoY

97.8%

CASH CONVERSION2

FY 2026

Dirham Symbol492M

REVENUE +6.9% YoY3

Dirham Symbol355M

Adjusted EBITDA1 +8.9% YoY3

72%

Adjusted EBITDA

Dirham Symbol444M

NET PROFIT

98%

CASH CONVERSION2

1Adjusted earnings before finance cost, taxes, depreciation and amortization is calculated as: net profit plus net finance costs plus depreciation and amortisation expenses plus tax expenses, minus gain on fair value of investment properties, minus gain on sale of investment properties, minus reversals of provisions.

2Cash Conversion is calculated as Adjusted EBITDA less capital expenditure, divided by Adjusted EBITDA.

3Like-for-like growth provides a more comparable view of the continuing business by comparing H1 2026 against H1 2025 revenue of AED 460 million on a like-for-like basis, which excludes the contribution from assets that were subsequently sold and were therefore no longer part of the portfolio in H1 2026.

DIP growth strategy

  1. Resetting rents closer to market levels
    As long-term leases reach their scheduled rent review dates, DIP can reset rents closer to prevailing market rates. Around 10.7 million sqm of the operating lease ground rent portfolio is due for repricing between the second half of 2026 and 2030.
  2. Earning more through subletting
    When tenants sublet space to other businesses, DIP earns a fee linked to that subleasing income. As more space is sublet and sublease rents increase, DIP can generate more income from its existing leased plots.
  3. Re-positioning plots to higher-value uses
    Some plots within the Park are being converted from lower-rent uses, such as industrial, to higher-rent uses, such as logistics, supporting higher rental income and additional subleasing opportunities.

Clear dividend policy underpinned by strong cash visibility

Annualised dividend targets4
FY 2026 FY 2027 FY 2028 FY 2029 onwards

Dirham Symbol 700M5

Dirham Symbol 725M

Dirham Symbol 750M

Expected to continue paying dividends in line with or above FY 2028 levels.

4Annualised dividend targets, subject to the recommendation of the Board of Directors and approval by shareholders. Excludes the pre-IPO dividend paid to the Selling Shareholder.

5Excludes AED 100 million exceptional dividend which was distributed in September 2026.

Key IPO Dates

27 October 2026
Subscription period opens
3 November 2026
Subscription period closes (at 1:00 PM UAE)
4 November 2026
Announcement of final offer price
10 November 2026
Allocation notification and refunds
11 November 2026
Expected date of listing on the DFM

For more information,

For more information DIP Holding's IPO
Image 1

ADIB IPO Call Centre:
+971 2 652 0878

Disclaimer: This announcement has not been approved by the Capital Market Authority (“CMA”) or any regulator in the UAE or elsewhere and does not form part of the prospectus. This announcement or any related advertisements does not fall under CMA’s remit or jurisdiction.
Terms and conditions apply.