Latest news with #Dh56
Al Etihad
21-05-2025
- Business
- Al Etihad
Dubai Residential REIT IPO oversubscribed 26 times, final price set at Dh1.10
21 May 2025 13:11 REDDY (ABU DHABI)The initial public offering (IPO) of Dubai Residential REIT has attracted overwhelming investor interest, being oversubscribed 26 times with a gross demand of Dh56 billion ($15 billion). The final offer price has been set at Dh1.10 per unit, implying a market capitalisation of Dh14.3 billion ($3.9 billion) upon listing, making it the largest listed REIT in the by strong investor appetite across local, regional, and international markets, the offering size was increased from 12.5% to 15.0% of the REIT's issued unit capital. The IPO will raise Dh2.145 billion ($584 million) for the selling unitholder, DHAM Investments, a subsidiary of Dubai Kaushal, Group CEO of Dubai Holding, described the response as 'a powerful endorsement of Dubai Holding's strategic vision and the strength of our residential leasing portfolio.' He added: '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.'The REIT, managed by DHAM REIT Management, will list on the Dubai Financial Market (DFM) on or around May 28 under the ticker "DUBAIRESI". Retail investors will receive allocation confirmations by May 26, with refunds starting the same portfolio includes 35,700 residential units across 21 integrated communities, serving over 140,000 residents. Malek Al Malek, Group CEO of Dubai Holding Asset Management and Chairman of DHAM REIT's Investment Committee, noted: 'The strong investor demand clearly signals a growing appetite for stable, income-generating assets in Dubai's vibrant and mature real estate sector. Dubai Residential REIT is firmly positioned as the benchmark for residential leasing in the city.'The REIT intends to adopt a semi-annual dividend distribution policy, beginning September 2025. The total of the first two dividend payments is expected to be the higher of Dh1.1 billion or 80% of profit before revaluation gains for FY2025. From FY2026 onwards, at least 80% of such profit will be distributed, subject to board near-full occupancy and high retention rates, the REIT's portfolio spans a mix of family-focused and premium residential communities including Bluewaters, City Walk, Remraam, and Nad Al Sheba Villas. The offering was jointly coordinated by Citigroup, Emirates NBD Capital, and Morgan Stanley. Emirates NBD Bank acted as Lead Receiving Bank.
Al Etihad
23-04-2025
- Business
- Al Etihad
April pension payments to be disbursed on Friday: GPSSA
23 Apr 2025 12:32 ABU DHABI (WAM)The General Pension and Social Security Authority (GPSSA) will disburse Dh825,011,884.41 in pension payments to pensioners and beneficiaries on Friday April amount marks an increase of Dh56,205,228 compared to April 2024, when pension disbursements stood at Dh768,806,656.82.A total of 49,706 pensioners and beneficiaries will benefit from the pension payments this month, with a recorded increase of 1,762 pensioners and beneficiaries compared to the same month last year, during which approximately 47,944 customers benefited. The pension payments disbursed include civilians subject to the laws implemented by the GPSSA, as well as pensioners and beneficiaries whose files are managed by the GPSSA on behalf of the Ministry of Finance, in accordance with the pension laws applicable to them.
