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").
The subscription period for the IPO is between 27 October 2026 and 3 November 2026.
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)
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ECOSYSTEM
~ 1,000 tenants
~ 5,700 sub-leases
+ 150,000 residents
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DEMAND
99.9% occupancy as at 30 June 2026;
~ 98% average from 2020–2025
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DIVERSITY
Logistics | Industrial | Commercial | Residential
Sectors served
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VISIBILITY
30+ years or more
Contract duration
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TENANT STICKINESS
AED 42bn+ | <2%
Invested by tenant in their own developments within DIP | Tenant’s ground payments as a % of total invested amount.
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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.
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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.
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3
DIP earns recurring income
DIP generates income from ground rent, subleasing fees and services, while requiring limited ongoing capital investment.
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Long-term contracts + tenant-funded development + recurring revenues = strong cash visibility with limited ongoing capex
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High margins, strong cash generation
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FY 2025
|
AED 960M
REVENUE
+7.6% YoY
|
AED 678M
ADJUSTED EBITDA¹
+7.4% YoY
|
71%
ADJUSTED EBITDA MARGIN
|
AED 1,093M
NET PROFIT
+14.2% YoY
|
97.8%
CASH CONVERSION²
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|
H1 2026
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AED 492M
REVENUE
+6.9% YoY³
|
AED 355M
ADJUSTED EBITDA¹
+8.9% YoY³
|
72%
ADJUSTED EBITDA MARGIN
|
AED 444M
NET PROFIT
|
98%
CASH CONVERSION²
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1Adjusted EBITDA 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
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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.
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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.
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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 |
|
AED 700M⁵
|
AED 725M
|
AED 750M
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Expected to continue paying dividends in line with or above FY 2028 levels.
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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.
Important Dates
| Key Dates |
IPO Milestone |
| 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 |
To learn more about DIP Holding's IPO, visit www.ipo.dipark.com or call 04 316 0066.
Disclaimer: This communication is for information purposes only and does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities. It does not form part of the prospectus or any offering document. The information contained herein has been provided by the issuer and has not been independently reviewed, verified or validated by Emirates Islamic Bank PJSC. Emirates Islamic Bank PJSC is acting solely as a receiving bank in connection with the offering and accepts no responsibility or liability for the accuracy, completeness or reliability of such information. Prospective investors should refer to the official prospectus and seek independent professional advice before making any investment decision. This communication or announcement has not been reviewed or approved by Capital Market Authority (CMA).
