Dubai Holding, an investment conglomerate owned by the emirate’s ruler, said on Tuesday it is seeking to raise up to 1.79 billion dirhams ($487 million) through the initial public offering of its residential real estate investment trust.
The company set the price range for the 12.5% stake between 1.07 and 1.10 dirhams per unit, valuing the REIT at up to $3.9 billion.
Dubai, the Gulf’s business and tourism hub, has experienced a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms.
Reuters previously reported, citing sources, that the listing could raise up to $500 million.
Owned by Mohammed bin Rashid Al Maktoum, Dubai Holding is one of the largest landowners and real estate developers in the United Arab Emirates. Its portfolio includes some of Dubai’s flagship residential, commercial, retail, and tourism assets, notably Nakheel – the developer behind the emirate’s iconic palm-shaped islands.
($1=3.6724 UAE dirham)
Reuters
