emirates7 - Dubai Holding, via its wholly owned subsidiary DHAM REIT Management LLC (the Fund Manager), has officially announced the price range and subscription commencement for the initial public offering (IPO) of Dubai Residential REIT—a Shariah-compliant, income-generating, closed-ended real estate investment fund. Positioned as one of the largest residential real estate owners and operators in Dubai, the REIT is preparing to list on the Dubai Financial Market (DFM).
The offering price per unit has been set between AED 1.07 and AED 1.10. A total of 1.625 billion units—equivalent to 12.5% of the REIT’s issued capital—will be offered by DHAM Investments LLC, a Dubai Holding subsidiary and the REIT's sole current unitholder.
The Fund Manager retains the right to alter the offering size before the subscription closes, in accordance with UAE regulations and subject to Securities and Commodities Authority (SCA) approval.
The total value of the IPO is projected between AED 1.739 billion (approximately USD 473 million) and AED 1.788 billion (around USD 487 million), which implies an expected market capitalization at the time of listing ranging from AED 13.9 billion (USD 3.8 billion) to AED 14.3 billion (USD 3.9 billion).
The IPO will be split into two tranches:
Tranche One (UAE Retail Offer): Allocated 10% of the offer, or 162.5 million units, this tranche is open to retail investors and qualifying entities with a DFM National Investor Number (NIN). Each successful applicant in this tranche is guaranteed a minimum of 2,000 units, provided this allocation remains within the tranche’s limits.
Tranche Two (Institutional Offering): Comprising 90% of the offer, or 1.4625 billion units, this portion is reserved for qualified institutional (Professional) Investors located outside the United States under Regulation S, and in line with applicable UAE laws and SCA guidelines.
The subscription window runs from 13 May to 20 May 2025. The final offer price will be determined through a book-building process in collaboration with the Joint Global Coordinators, the Fund Manager, and the Selling Unitholder, with the final price expected to be announced on 21 May 2025.
Listing and trading of the units on DFM is anticipated around 28 May 2025 under the ticker symbol “DUBAIRESI”.
Dubai Residential REIT will become the GCC’s first publicly listed REIT dedicated solely to residential leasing and, upon listing, is expected to be the region’s largest listed REIT by gross asset value (GAV), standing at AED 21.63 billion—nearly double the combined GAV of the next five largest REITs in the GCC.
The REIT oversees 35,700 residential units across strategically located communities in Dubai, reinforcing its position as a market leader and benchmark in the Emirate’s residential sector.
Pending board approval and in accordance with the UAE prospectus, Dubai Residential REIT plans to implement a semi-annual dividend policy, with payouts scheduled for April and September each year, beginning in September 2025.
The offering price per unit has been set between AED 1.07 and AED 1.10. A total of 1.625 billion units—equivalent to 12.5% of the REIT’s issued capital—will be offered by DHAM Investments LLC, a Dubai Holding subsidiary and the REIT's sole current unitholder.
The Fund Manager retains the right to alter the offering size before the subscription closes, in accordance with UAE regulations and subject to Securities and Commodities Authority (SCA) approval.
The total value of the IPO is projected between AED 1.739 billion (approximately USD 473 million) and AED 1.788 billion (around USD 487 million), which implies an expected market capitalization at the time of listing ranging from AED 13.9 billion (USD 3.8 billion) to AED 14.3 billion (USD 3.9 billion).
The IPO will be split into two tranches:
Tranche One (UAE Retail Offer): Allocated 10% of the offer, or 162.5 million units, this tranche is open to retail investors and qualifying entities with a DFM National Investor Number (NIN). Each successful applicant in this tranche is guaranteed a minimum of 2,000 units, provided this allocation remains within the tranche’s limits.
Tranche Two (Institutional Offering): Comprising 90% of the offer, or 1.4625 billion units, this portion is reserved for qualified institutional (Professional) Investors located outside the United States under Regulation S, and in line with applicable UAE laws and SCA guidelines.
The subscription window runs from 13 May to 20 May 2025. The final offer price will be determined through a book-building process in collaboration with the Joint Global Coordinators, the Fund Manager, and the Selling Unitholder, with the final price expected to be announced on 21 May 2025.
Listing and trading of the units on DFM is anticipated around 28 May 2025 under the ticker symbol “DUBAIRESI”.
Dubai Residential REIT will become the GCC’s first publicly listed REIT dedicated solely to residential leasing and, upon listing, is expected to be the region’s largest listed REIT by gross asset value (GAV), standing at AED 21.63 billion—nearly double the combined GAV of the next five largest REITs in the GCC.
The REIT oversees 35,700 residential units across strategically located communities in Dubai, reinforcing its position as a market leader and benchmark in the Emirate’s residential sector.
Pending board approval and in accordance with the UAE prospectus, Dubai Residential REIT plans to implement a semi-annual dividend policy, with payouts scheduled for April and September each year, beginning in September 2025.