Dubai Investments PJSC will decide by May 15 whether to proceed with the IPO of its real estate unit or move it to October, Vice Chairman and CEO Khalid Bin Kalban told Zawya.

“We will make a final decision before May 15. Most of our investors are very positive and are urging us to proceed with the IPO, as Dubai Investments Park (DIP) has not been affected by the crisis in the region. Its rental revenues and long-term leases continue to grow, giving it strong long-term visibility,” Kalban told Zawya.

Heightened regional tensions following US and Israeli attacks on Iran, and subsequent developments across the GCC, have prompted many companies to review their IPO plans.

Dubai Investments will sell 25% stake in DIP, one of the UAE’s largest fully integrated mixed‑use developments, and is in talks with investment banks including ENBD Capital, HSBC, Citi, Arqaam Capital and EFG Hermes. 

Dubai Investments, which has around 35 subsidiaries and associate companies across manufacturing, real estate, healthcare and investments, is also eyeing IPOs of Emicool, its district cooling unit, as well as Emirates Glass and pharmaceutical manufacturer Globalpharma, subject to expansion and favourable market conditions. “There is no change in our plans to IPO these companies in the coming years,” Kalban said. 

He is expecting DIP’s valuation to be around AED10.8 billion to AED11 billion. “This figure is a bit conservative and has been discounted,” he said. 

Dubai Investments reported total income of AED 4.63 billion in 2025, including AED 1.19 billion in rental income, supported by growth in its real estate, manufacturing and investment businesses.

After setting up DIP, Dubai Investments is currently in talks with authorities in other emirates in the UAE to replicate the model, Kalban said. It is also developing a 2,000-hectare integrated economic zone (DIP Angola) in Barra do Dande, Angola, featuring industrial, residential, and commercial zones.  

Zawya had previously reported that DIP could kick off Dubai’s post–Eid Al Fitr IPO wave.

Prior to the war, potential IPO candidates in the UAE this year included a Dubai Holding subsidiary, Emirates Global Aluminium (EGA), a leading global aluminium producer and the UAE’s largest non‑oil industrial company, and Abu Dhabi‑based Arabian Construction Company (ACC).

(Reporting by Seban Scaria seban.scaria@lseg.com; editing by Daniel Luiz)