The Fund Manager reserves the right to amend the size of the Offering at any time prior to the end of the subscription period in its sole discretion, subject to the applicable laws of the UAE and the approval of the SCA.
Dubai Holding Announces IPO of Dubai Residential REIT on Dubai Financial Market
Dubai, UAE – Dubai Holding, through its subsidiary DHAM REIT Management LLC (the Fund Manager), has revealed plans to launch an initial public offering (IPO) for Dubai Residential REIT, a Shariah-compliant, income-generating real estate investment fund. The REIT, one of the largest residential property owners and operators in Dubai, will list its units (Units) on the Dubai Financial Market (DFM).
The Fund Manager will oversee Dubai Residential REIT’s portfolio under a fund management agreement, utilizing its expertise to optimize asset performance and deliver stable returns. Responsibilities include managing leasing operations, monitoring financial performance, preparing financial reports, and appointing service providers for facility and property management.
The REIT benefits from Dubai Holding’s extensive residential ecosystem, backed by its significant land holdings in Dubai.
Key Details of the Offering
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Selling Unitholder: DHAM Investments LLC, a Dubai Holding subsidiary, is offering 1,625,000,000 (1.625 billion) Units, representing 12.5% of the REIT’s issued unit capital.
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Subscription Period: 13 May 2025 – 20 May 2025.
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Expected Listing Date: 28 May 2025.
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The Fund Manager reserves the right to adjust the Offering size before the subscription closes, subject to UAE laws and Securities and Commodities Authority (SCA) approval.
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The Shariah Supervision Committee of Dubai Residential REIT and Emirates NBD Bank PJSC have confirmed the Offering’s compliance with Shariah principles.
Dividend Policy Highlights
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Semi-annual dividends (April & September), starting September 2025.
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The first two payouts (Sept 2025 & April 2026) will be the higher of:
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AED 1,100 million, or
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80% of profit (before fair value adjustments).
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From 2026 onward, at least 80% of profit (before fair value changes) will be distributed, pending Board approval.
Investment Proposition
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GCC’s first pure-play residential leasing REIT, set to be the largest listed REIT in the region with a gross asset value (GAV) of AED 21.63 billion.
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35,700 residential units across prime Dubai locations, serving diverse income segments (Premium, Community, Affordable, Corporate Housing).
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Stable cash flows with a 43% corporate / 57% individual tenant mix (2024).
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Backed by Dubai Holding’s real estate expertise, ensuring sustainable growth.
Leadership Insights
Amit Kaushal, Group CEO of Dubai Holding, stated:
“This IPO lets investors join Dubai Residential’s success story, bolstered by Dubai Holding’s ecosystem. We’re committed to enhancing Dubai’s status as a global living and investment hub.”
Malek Al Malek, Group CEO of Dubai Holding Asset Management, added:
“With over 20 years of expertise, this IPO marks a new chapter, offering exposure to Dubai’s thriving residential market through the GCC’s largest residential REIT.”
Ahmed Al Suwaidi, Managing Director of DHAM REIT Management LLC, noted:
“Investors gain access to premium real estate without direct ownership hassles, benefiting from regular dividends, capital growth, and Shariah compliance.”
Offering Structure
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UAE Retail Offer (10%): 162.5 million Units (min. 2,000 Units guaranteed per subscriber).
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Institutional Offer (90%): 1.4625 billion Units for qualified investors.
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Post-IPO, the Selling Unitholder retains 87.5% ownership.
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Pricing: Determined via book-building with Citi, Emirates NBD Capital, and Morgan Stanley as joint global coordinators.
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Trading Symbol: “RESI” (expected 28 May 2025).
Stabilization & Lock-Up
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Price stabilization may be conducted by xCube LLC.
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180-day lock-up applies to the Selling Unitholder and REIT post-listing.
Key Dates
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Book Building: 13–20 May 2025.
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Final Price Announcement: 21 May 2025.
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Trading Starts: 28 May 2025.
About Dubai Residential REIT
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Largest GCC listed REIT at launch (AED 21.63 billion GAV).
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21 communities, 35,700 units, serving 140,000+ residents.
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Diverse portfolio: From luxury (Bluewaters, City Walk) to affordable (Al Khail Gate) and corporate housing.
For full details, visit http://ipo.dubairesidential.ae/.
