Dubai Holding sets IPO price for Dubai Residential REIT at AED 1.10, raising AED 2.1 Billion to become GCC’s largest listed REIT

• The final offer price for the offering of 1,950,000,000 Units in the Dubai Residential REIT IPO has been set at AED 1.10 per Offer Unit, at the top end of the price range, implying a market capitalisation upon listing of AED 14.3 billion (USD 3.9 billion)
• The offering was significantly oversubscribed by local, regional, and international investors, with total gross demand of over AED 56 billion (USD 15 billion), implying an oversubscription level of over 26 times in aggregate
•  The offering was increased to 15.0% from 12.5% of Dubai Residential REIT’s total issued unit capital, driven by the strong investor demand and oversubscription across all tranches
• The final offer price implies a gross dividend yield of 7.7% for 2025
• The completion of the offering and Admission of Units to trading on the Dubai Financial Market will take place on or around 28 May 2025

Dubai Holding, through its wholly owned subsidiary DHAM REIT Management LLC (the “Fund Manager”), today announces the successful completion of the book building and subscription process for the initial public offering (“IPO” or the “offering”) of Dubai Residential REIT on the Dubai Financial Market (the “DFM”) and has set the final offer price at AED 1.10 per Offer Unit.

This implies a market capitalisation upon listing of AED 14.3 billion (USD 3.9 billion) and a gross dividend yield of 7.7% for 2025. The offering attracted strong demand across both institutional and UAE retail tranches, prompting the Fund Manager to increase the size of the Offering from 12.5% to 15.0% of Dubai Residential REIT's total issued unit capital. The total gross demand reached over AED 56 billion (USD 15 billion), resulting in an overall oversubscription of over 26 times at the final offer price. Reflecting the exceptionally strong demand, the final offer price was set at the top end of the price range, enabling the company to raise AED 2,145 million (USD 584 million) through the IPO.

Amit Kaushal, Group Chief Executive Officer of Dubai Holding, said: