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Dubai Investments (DI) will use the proceeds from the sale of 25 percent of its Dubai Investments Park (DIP) real estate business IPO to fund expansions and diversify its investment portfolio, its CEO has revealed.
Khalid bin Kalban told Dubai's official Al-Bayan newspaper that DI's investment portfolio, covering real estate and other sectors, has steadily grown over the past years to reach nearly 16.3 billion UAE dirhams ($4.4 billion) at the end of June.
He said, “The IPO timing coincides with the maturity of DIP's operating model, coupled with favorable market conditions, making this an ideal time to enhance value and achieve strategic gains.”
"The proceeds will be deployed according to a well thought-out plan to support expansion, stimulate innovation, and accelerate development initiatives at the national, regional, and global levels, with the aim of strengthening and sustaining the group's investment portfolio," added Kalban.
In September, Reuters reported that two sources said DIP could be valued at $2.5 billion, and DI is looking to launch the IPO in the first quarter of next year; the timing might change.
(Writing by N Saeed; Editing by Anoop Menon)
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