Latest news with #AmitKaushal
ARN News Center
21-05-2025
- Business
- ARN News Center
Massive demand for Dubai Residential REIT IPO with 26x oversubscription
Dubai Holding has announced the successful completion of the book building and subscription process for the initial public offering of Dubai Residential REIT on the Dubai Financial Market. The final offer price has been set at AED 1.10 per unit, implying a market capitalisation upon listing of AED 14.3 billion. A total of 1.95 billion units were offered, and demand was overwhelming. The IPO was oversubscribed more than 26 times, attracting over AED 56 billion in gross demand from local, regional and international investors. Due to the strong interest, the offer size was increased from 12.5 per cent to 15 per cent of Dubai Residential REIT's total issued unit capital. Reflecting the exceptionally strong demand, the final offer price was set at the top end of the price range, enabling the company to raise over AED 2.1 billion through the IPO. The final price suggests a projected gross dividend yield of 7.7 per cent for 2025. The completion of the offering and admission of units to trading on the Dubai Financial Market will take place on or around May 28, under the ticker symbol 'DUBAIRESI'. "We are confident in the ability of Dubai Residential REIT to deliver sustainable, long-term performance and, as we look ahead, our focus remains firmly on shaping the future of urban living in Dubai and contributing to the city's continued evolution as a global hub for investment, innovation and high-quality living," said Amit Kaushal, Group Chief Executive Officer of Dubai Holding.
Hi Dubai
21-05-2025
- Business
- Hi Dubai
Dubai Residential REIT Sets IPO Price at AED 1.10 as Demand Soars
Dubai Residential REIT, managed by DHAM REIT Management LLC, has priced its initial public offering (IPO) at AED 1.10 per unit following overwhelming investor demand, setting the stage for a market capitalisation of AED 14.3 billion (USD 3.9 billion) upon listing on the Dubai Financial Market. The offering drew over AED 56 billion (USD 15 billion) in total demand, prompting an increase in the offering size from 12.5% to 15% of the REIT's total issued unit capital. This translated to the sale of 1.95 billion units and raised AED 2.145 billion (USD 584 million), with the final offer price set at the top of the announced range. Oversubscription exceeded 26 times. The strong response reflects growing confidence in Dubai's real estate sector and its maturing capital markets. Dubai Holding Group CEO Amit Kaushal said the demand affirms investor trust in the company's strategy and in the UAE's long-term economic vision. Dubai Residential REIT's portfolio includes 35,700 residential units, boasting near-full occupancy and high tenant retention. Following the IPO, DHAM Investments LLC, a Dubai Holding subsidiary and the sole selling unitholder, will retain an 85% stake in the REIT. Trading of the units under the symbol 'DUBAIRESI' is expected to begin on or around 28 May 2025, pending regulatory approvals. Retail investors will receive allocation notifications and refunds starting 26 May. Dubai Residential REIT plans to distribute dividends semi-annually, beginning September 2025, with payouts expected to equal at least 80% of annual profit before fair value changes. The offering is supported by major financial institutions, including Citigroup, Emirates NBD Capital, and Morgan Stanley, as joint global coordinators and bookrunners. News Source: Emirates News Agency
Arabian Business
21-05-2025
- Business
- Arabian Business
Dubai Residential REIT IPO price set with $3.9bn valuation
Dubai Holding has announced the successful completion of the book building and subscription process for the initial public offering of Dubai Residential REIT on the Dubai Financial Market and has set the final offer price at AED1.10 per Offer Unit. This implies a market capitalisation upon listing of AED14.3bn ($3.9bn) and a gross dividend yield of 7.7 per cent for 2025. Dubai Residential REIT The total gross demand reached more than AED56bn ($15bn), 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 2.145bn ($584m) through the IPO. Amit Kaushal, Group Chief Executive Officer of Dubai Holding, said: 'The significant demand for the initial public offering of Dubai Residential REIT from both local and international investors is a powerful endorsement of Dubai Holding's strategic vision and the strength of our residential leasing portfolio, which has been carefully developed and managed over more than two decades to meet the evolving needs of Dubai's diverse population. 'This investor confidence speaks not only to the resilience of the UAE's economic vision and Dubai's long-term growth trajectory, but also highlights the increasing depth, maturity and global appeal of its capital markets. 'We are confident in the ability of Dubai Residential REIT to deliver sustainable, long-term performance and, as we look ahead, our focus remains firmly on shaping the future of urban living in Dubai and contributing to the city's continued evolution as a global hub for investment, innovation and high-quality living.' Malek Al Malek, Group Chief Executive Officer of Dubai Holding Asset Management and Chairman of the Investment Committee of DHAM REIT Management LLC, said: 'The strong investor demand clearly signals a growing appetite for stable, income-generating assets in Dubai's vibrant and mature real estate sector, the core principle upon which the REIT was established. 'With a diversified portfolio comprising 35,700 residential units across multiple segments and supported by near-full occupancy and high retention rates, Dubai Residential has consistently demonstrated its ability to generate sustainable, long-term returns. 'This robust performance firmly positions Dubai Residential REIT as the benchmark for residential leasing in Dubai, reinforcing its role in shaping the future of urban living in the city.' The Offering comprised a total of 1,950,000,000 Units, representing 15 per cent of Dubai Residential REIT's issued unit capital, offered by DHAM Investments LLC. Investors who subscribed through the UAE Retail Offering (First Tranche) will receive an SMS confirmation of their respective allocation on May 26, 2025, with refunds due to commence from the same date. The completion of the Offering and admission of Units to trading on the DFM is expected to take place on or around May 28. Dubai Residential REIT intends to adopt a semi-annual dividend distribution policy, making payments in April and September of each year, starting from September 2025. The REIT announced that the sum of its first two dividend payments, expected to be made in September 2025 and April 2026, will be the higher of: (i) AED1.1bn (ii) An amount equal to 80 per cent of profit for the period before changes in fair value of investment property, in respect of its financial results for the year ending December 31, 2025
What's On
21-05-2025
- Automotive
- What's On
Motorsport and Legacy-Building: Meet AKCEL Group founder Amit Kaushel
Sponsored: A powerhouse… Amit Kaushal began his career in Dubai in the late 1990s before expanding into the UK and beyond. Today, as chairman, he heads up the global AKCEL Group, a diversified business spanning IT, real estate, investments, and now motorsport. In a recent podcast, Kaushal speaks about his company's push into the world of formula racing with AKCEL GP, the group's branded real estate venture with BNW Developments, and his ambition to build a legacy that leads all the way to Formula One. Before we get into the motorsport side of things, tell us more about AKCEL Group. It's quite a diversified business: can you paint a picture for our audience? Of course. Firstly, thank you for having me. AKCEL Group is built around the concept of transforming aspiration into legacy. That idea is embedded in the name itself: 'A' stands for Aspiration , 'K' for Knowledge , 'C' for Clarity and Consistency , 'E' for Excellence , and 'L' for Legacy . So it's not just a name — it's a journey. In terms of the business, we're a global conglomerate. Our roots are in IT — specifically consulting and training — and we operate in India, the UK, the US, Ireland, and Dubai. We also own Jetking, which has over 100 IT training centres in India. We've recently entered real estate in the UAE through a branded residence partnership with BNW. Our first flagship project will launch on Dubai Islands, followed by an expansion into Ras Al Khaimah. That's a huge step for us. Then, there's motorsport — which is giving global visibility to our brand. We're proud to be the first Indian-origin group to own a racing team in this space. It's a major milestone, especially for the wider South Asian community. And finally, we have an investment arm that focuses on alternative assets — everything from angel investing to venture capital. So AKCEL Group is built on four key pillars: IT, real estate, motorsport, and investments. I personally left India around 25 years ago. I started my journey in Dubai back in 1998, then moved to the UK in 2000. And now, life is bringing me full circle — back to Dubai, which has always had a special place in my heart. Can you tell us more about AKCEL GP and why did you decide to launch it now? AKCEL GP is our motorsport arm, and we've just completed our first season here in the Middle East, competing in Formula 4 and the Formula Regional Middle East Championship. We even made it to a few podiums. The idea started in Dubai when I met our team principal, Rohit Kaul, a former Formula driver. We shared a common vision, and we realised there's very little South Asian representation in global motorsport. That inspired us. We wanted to create a platform to nurture young talent and eventually compete in Formula One. We pulled everything together in just nine months and launched at the Armani Hotel, Burj Khalifa in January 2025. Our drivers come from diverse backgrounds — India, the UK, Romania — and we're proud to support the Al Qubaisi family too. Amna and Hamda Al Qubaisi are now our brand ambassadors and sit on our advisory board. They're pioneers in UAE motorsport and have been a huge support. You've decided to make the UAE your global base — tell us why. Dubai is where I began my journey, and strategically it makes perfect sense. It's now at the centre of global conversations, whether it's sports, tech, AI, crypto, real estate or investment. Everything is converging here. Logistically, it's also ideal for managing operations across both the Indian subcontinent and Europe. For us, it's not just home: it's a launchpad. The business of motorsports is quite complex — it's not just what we see on track. What have you learned so far? A lot! We started with a technical partner, but now we're building our own in-house technical team for our European F4 and FRACA campaigns. That gives us better control, allows us to build in-house performance models, and elevate our drivers. We're also setting up a second base in Milan, Italy to manage the April to October European racing season. After that, we'll compete in Macau and return to the UAE for the 2026 season. Every person on the team — from our technical director Matthew Norman, to logistics and operations — plays a critical role. It's a true team sport behind the scenes. Do you attend every race yourself? I try to attend as many as possible, but our team principal Rohit Kaul leads the operations on the ground. My role is more strategic: managing partnerships, sponsor relations, and ensuring smooth execution throughout the season. Sponsors are crucial. Who are some of your key partners? We're fortunate to have a great mix. BNW Developments is one of our lead partners. Gulf Business is on our car too — which we're very proud of. We also have Century Financial, and LifeCoin as sponsors. Each one plays an important role in the ecosystem we're building. You're competing in Formula 4 and Formula Regional — can you explain the difference? F4 is the first major step after go-karting — the entry point into the Formula ladder. From F4, drivers move to FR (Formula Regional), which is more powerful and covers specific regions — we just raced across Dubai, Abu Dhabi, Qatar, and Jeddah. After FR, drivers can progress to F3, F2 and ultimately F1 — the dream. The difference lies in engine power, car weight and complexity. But every step is crucial. You mentioned AKCEL Academy: what is its role in terms of your overarching approach to motorsport? The Academy supports the entire talent pipeline. We identify young drivers early. One of our drivers started go-karting at four and is now eight, and is already a champion from Singapore. We also have a focus on inclusivity. For example, we've reserved one seat for a female driver, and we're proud to support Hamda and Amna Al Qubaisi. We're also planning an announcement in Barcelona to enter the endurance-based Le Mans series with them. And we're supporting Atika, the first Indian female driver to enter an F1 Academy. She's an inspiration. So what's next for AKCEL GP in the next five to ten years? The short-term focus is to strengthen our presence in F4, F3, and F2. Simultaneously, we're scaling our Academy and merging racing with IT and engineering. The long-term aspiration is to reach Formula One and to see our driver on the F1 podium one day. That's the vision, and we're fully committed to it.
Al Bawaba
21-05-2025
- Business
- Al Bawaba
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
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: 'The significant demand for the initial public offering of Dubai Residential REIT from both local and international investors is a powerful endorsement of Dubai Holding's strategic vision and the strength of our residential leasing portfolio, which has been carefully developed and managed over more than two decades to meet the evolving needs of Dubai's diverse population. This investor confidence speaks not only to the resilience of the UAE's economic vision and Dubai's long-term growth trajectory, but also highlights the increasing depth, maturity and global appeal of its capital markets. We are confident in the ability of Dubai Residential REIT to deliver sustainable, long-term performance and, as we look ahead, our focus remains firmly on shaping the future of urban living in Dubai and contributing to the city's continued evolution as a global hub for investment, innovation and high-quality living.' Malek Al Malek, Group Chief Executive Officer of Dubai Holding Asset Management and Chairman of the Investment Committee of DHAM REIT Management LLC, said: 'The strong investor demand clearly signals a growing appetite for stable, income-generating assets in Dubai's vibrant and mature real estate sector, the core principle upon which the REIT was established. With a diversified portfolio comprising 35,700 residential units across multiple segments and supported by near-full occupancy and high retention rates, Dubai Residential has consistently demonstrated its ability to generate sustainable, long-term returns. This robust performance firmly positions Dubai Residential REIT as the benchmark for residential leasing in Dubai, reinforcing its role in shaping the future of urban living in the city.' The Offering comprised a total of 1,950,000,000 (one billion nine hundred and fifty million) Units, representing 15.0% of Dubai Residential REIT's issued unit capital, offered by DHAM Investments LLC (the 'Selling Unitholder'), a subsidiary of Dubai Holding, and the current sole unitholder of the REIT. Upon listing, the Selling Unitholder will continue to own a majority 85% stake in Dubai Residential REIT. Investors who subscribed through the UAE Retail Offering (First Tranche) will receive an SMS confirmation of their respective allocation on 26 May 2025, with refunds due to commence from the same date. The completion of the Offering and admission of Units to trading on the DFM ('Admission') is expected to take place on or around 28 May 2025, under the ticker symbol "DUBAIRESI" and ISIN "AEE01657D252", subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on DFM. Dubai Residential REIT intends to adopt a semi-annual dividend distribution policy, making payments in April and September of each year, starting from September 2025. The REIT announced that the sum of its first two dividend payments, expected to be made in September 2025 and April 2026, will be the higher of: (i) AED 1,100 million; and (ii) an amount equal to 80% of profit for the period before changes in fair value of investment property, in respect of its financial results for the year ending 31 December 2025. For the financial results for the year ending 31 December 2026 and thereafter, Dubai Residential REIT intends to distribute at least 80% of profit for the period before changes in fair value of investment property for each accounting period. All dividend distributions remain subject to the approval of Dubai Residential REIT's board of directors and other provisions of the UAE prospectus. Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Morgan Stanley & Co. International plc have been appointed as Joint Global Coordinators and Joint Bookrunners (the "Joint Global Coordinators"). Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Arqaam Capital Limited acting in conjunction with Arqaam Securities LLC, and First Abu Dhabi Bank PJSC are acting as joint bookrunners (together with the Joint Global Coordinators, the "Banks") for the Offering. Pursuant to an underwriting agreement entered into between Dubai Residential REIT, the Selling Unitholder, the Fund Manager and the Banks (the "Underwriting Agreement"), the Selling Unitholder will be subject to a lock-up (in connection with the Units) from the date of the Underwriting Agreement up to 180 days after Admission, subject to certain customary carveouts and consent by the Joint Global Coordinators. Dubai Residential REIT will also be subject to a lock-up for the same duration. In connection with the Offering, the Selling Unitholder will allocate proceeds from the sale of up to 243,750,000 Offer Units to xCube LLC, a DFM-authorised price stabilisation manager appointed by the Fund Manager. These proceeds may be used, in accordance with applicable laws and the DFM Trading Rules, to conduct stabilisation transactions on the DFM. The Banks and their respective directors, officers, employees, agents, and affiliates will not be involved in, responsible for, or benefit from any such transactions, which will be carried out solely by xCube LLC. Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank LLC, Commercial Bank of Dubai, Emirates Islamic Bank PJSC, First Abu Dhabi Bank PJSC, and Mashreq Bank PSC have also been appointed as Receiving Banks. For more information about the Offering, please visit:
