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ME Construction
20-05-2025
- Business
- ME Construction
DHAM REIT Management announces increase in Dubai Residential REIT's IPO offering size
Financial DHAM REIT Management announces increase in Dubai Residential REIT's IPO offering size By DHAM Investments will continue to own a majority stake in the REIT after listing on the DFM Dubai Holding, through its wholly owned subsidiary DHAM REIT Management (Fund Manager), has announced an increase in the offering size of Dubai Residential REIT's initial public offering (IPO). The approval was granted by the UAE Securities and Commodities Authority (SCA). Dubai Residential REIT is a Shariah compliant income-generating closed-ended real estate investment fund that is currently in the establishment phase. It is one of the largest owners and operators of residential real estate in Dubai. The REIT will now float 15.0% of its issued unit capital, instead of the previously announced 12.5%, said a statement. DHAM REIT Management exercised its right to increase the number of units driven by the strong demand from domestic and international investors and over-subscription across all tranches. Upon listing on the Dubai Financial Market (DFM), DHAM Investments, a subsidiary of Dubai Holding, will continue to own a majority 85% stake in the REIT. Based on the unchanged offer price range per offer unit, the revised offering size is expected to be between US $568mn and $584mn, implying a market capitalisation at listing of between $3.8bn and $3.9bn. Dubai Residential REIT's Offering, as previously announced, comprises two tranches. The revised offering size is as follows, First Tranche, the UAE Retail Offer, remains unchanged at 162,500,000 units and is open to retail investors and eligible entities holding a National Investor Number (NIN) with the Dubai Financial Markets (DFM). The Second Tranche, the Institutional Offering, has been increased from 1,462,500,000 units to 1,787,500,000 units. This tranche is open to qualified institutional investors (Professional Investors) outside the United States, subject to Regulation S, applicable UAE laws, and SCA approval. Each successful subscriber in the First Tranche will be guaranteed a minimum allocation of 2,000 Units, provided that the total number of units issued under the minimum guaranteed allocation does not exceed the Tranche size and remains within the limits and conditions set out in the Prospectus. Investors in both tranches can subscribe to the offering which will close on 20 May 2025. The final offer price will be determined through a book building process conducted in consultation with the Joint Global Coordinators, the Fund Manager and the Selling Unit holder, and is expected to be announced on 21 May 2025. 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. The units are expected to trade under the symbol 'DUBAIRESI'. The details of the offering are available in the prospectus and public subscription announcement (Public Announcement), and in an English-language international offering memorandum (International Offering Memorandum). Dubai Residential REIT, subject to the approval of the REIT Board and other provisions outlined in the UAE prospectus, said that it plans to implement a semi-annual dividend distribution policy, with payments made in April and September of each year, commencing in September 2025. For the financial results of the year ending 31 December 2026, and beyond, Dubai Residential REIT intends to distribute at least 80% of its profit for each accounting period, subject to Board approval. The Offer Price Range suggests a gross dividend yield of 7.9% at the lowest end of the range and 7.7% at the highest end for the year ending 31 December 2025. Citigroup Global Markets, Emirates NBD Capital PSC, and Morgan Stanley & Co. International have been appointed as Joint Global Coordinators and Joint Bookrunners. Emirates NBD Bank has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank, Arqaam Capital Limited acting in conjunction with Arqaam Securities, and First Abu Dhabi Bank are acting as joint bookrunners (together with the Joint Global Coordinators, Banks) for the offering, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Commercial Bank of Dubai, Emirates Islamic Bank, Mashreq Bank have also been appointed as Receiving Banks. Pursuant to the Underwriting Agreement, the Selling Unitholder will be subject to a lock-up on the units from the date of the agreement until 180 days after admission, subject to certain customary carveouts and consent from 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, a DFM-authorised price stabilisation manager appointed by the Fund Manager. These proceeds may be used, in accordance with applicable laws and 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.
Hi Dubai
19-05-2025
- Business
- Hi Dubai
Dubai Holding Increases DHAM REIT IPO Size as Investor Demand Surges
Dubai Holding's real estate investment trust, DHAM REIT, has increased the size of its initial public offering (IPO) to 1.95 billion units, up from the previously announced 1.625 billion, following strong demand from both local and international investors. The adjustment means 15 percent of the REIT's issued unit capital will now be floated, instead of the initially planned 12.5 percent. DHAM REIT Management, a subsidiary of Dubai Holding, confirmed the revised offer on Monday. The offering, priced between AED 1.07 and AED 1.10 per unit, is now expected to raise between AED 2.087 billion and AED 2.145 billion. This implies a market capitalisation at listing of approximately AED 13.9 billion to AED 14.3 billion. Upon listing on the Dubai Financial Market (DFM), DHAM Investments will retain an 85 percent stake in the REIT. The listing is expected to take place on or around May 28. The IPO remains split into two tranches. The first tranche, reserved for UAE retail investors, is unchanged at 162.5 million units. It is open to individuals and eligible entities holding a National Investor Number (NIN) with the DFM. Each subscriber will be guaranteed a minimum allocation of 2,000 units, subject to availability and the terms outlined in the prospectus. The second tranche, open to qualified institutional investors, has been increased from 1.462 billion to 1.787 billion units. Subscriptions for both tranches began on May 13 and will close on May 20. The final offer price will be determined through a book-building process in coordination with the joint global coordinators and will be announced on May 21. DHAM REIT also announced plans to implement a semi-annual dividend distribution policy, with payments scheduled for April and September. The first dividend is expected to be distributed in September 2025, followed by another in April 2026. The IPO is being managed by a consortium of prominent financial institutions. Citigroup Global Markets Limited, Emirates NBD Capital, and Morgan Stanley & Co. International are acting as joint global coordinators and joint bookrunners. Emirates NBD Bank is the lead receiving bank, while Abu Dhabi Commercial Bank, Arqaam Capital (with Arqaam Securities), and First Abu Dhabi Bank are also serving as joint bookrunners. News Source: Khaleej Times
Gulf News
05-05-2025
- Business
- Gulf News
Dubai Holding to launch IPO for its real estate investment fund
Dubai: Dubai Holding is going for an IPO to launch its Real Estate Investment Trust (REIT) fund. The REIT will be a Sharia-compliant and represents a major development from one of Dubai's biggest names in the real estate development and investment space, with the likes of Nakheel, Meydan and Meraas in its fold. The IPO will be in the form of wholly owned subsidiary DHAM REIT Management llc. The subscription period is likely to be from May 13 to May 20. At the time of its DFM debut, the float is expected to be the GCC's largest listed REIT, with a gross asset value of Dh21.63 billion - this is 'almost double the combined GAV of the five largest REITs in the region'. "The REIT benefits from the broader residential ecosystem curated by Dubai Holding, a global investment leader with one of the largest land banks in the Emirate of Dubai," said a statement. Real estate investment trusts - or REITs - offer investors to put their resources into funds that own and operate multiple property-related assets. The DFM already has a REIT presence from the likes of Al Mal Capital. Dubai Residential 'The integration of Nakheel and Meydan's residential portfolios under Dubai Holding last year was a significant milestone in Dubai Residential's journey that enhanced its status as one of the region's largest residential leasing platforms.," said Amit Kaushal, Group CEO at Dubai Holding. "Dubai Holding Asset Management's residential leasing portfolio – Dubai Residential – has consistently delivered high-quality communities that meet the evolving needs of Dubai's diverse population. 'The IPO presents investors with a unique investment opportunity to participate in this success story while benefiting from the wider capabilities and opportunities within the broader Dubai Holding ecosystem." What the new IPO will provide The Dubai Holding entity will float 1.62 billion units, which will be 12.5% of Dubai Residential REIT's issued unit capital. There are two tranches - the UAE Retail Offer making up the first and targeting retail investors and those entities holding a National Investor Number (NIN) with DFM. The second tranche is for institutional investors. The first tranche has been allocated 10% of the offer units, making up 162.5 million units. Each successful subscriber in the first tranche will be guaranteed a minimum 2,000 units, 'provided that the total number of units issued under the minimum guaranteed allocation does not exceed the tranche size'. The second tranche gets 90% of the offer units, of 1.46 billion units.
Zawya
19-02-2025
- Business
- Zawya
Eureeca broadens international investment access, strengthening UAE IPO market
As a multi-regulated, cross-continental digital investment platform with 55,000 users from 72 countries, Eureeca paves the way for more international investor participation in UAE IPOs Eureeca to offer a simplified three-click investment process for international, regional and local investors for 2025 IPOs, including the highly anticipated Etihad Airways IPO Dubai, United Arab Emirates: Eureeca, a UAE-headquartered and multi-regulated digital investment platform, has cemented its reputation as a leading gateway for international investors looking to access high-profile UAE IPOs. Following the successful facilitation of investment in Lulu Group's IPO, Eureeca will continue accelerating participation in the UAE's rapidly growing IPO landscape, which is predicted to be worth US$6 billion in 2025, including the much-anticipated Etihad Airways IPO expected in 2025. The Lulu Group IPO raised gross proceeds of US$1.72 billion in 2024, with overwhelming demand leading to oversubscription by more than 25 times across all tranches. International and regional individual and institutional investors showed unprecedented interest via Eureeca, with 55% of the platforms' total Lulu Group IPO subscriptions coming from international investors, spanning 14 countries and 25 nationalities. Lulu Group also witnessed thousands of local subscribers across all subscription channels, including local banks and brokerage houses. Sam Quawasmi, Co-CEO and Co-founder of Eureeca said: 'Lulu Group's IPO demonstrated the power of Eureeca's technology in providing seamless and secure online access to high-growth opportunities in the region. We are committed to democratising investment access by offering a simplified, transparent, compliant and efficient process for international, regional and local investors to participate in UAE IPOs.' Through a simplified three-click subscription process, international investors can use their mobile phones to view IPOs available for subscription on Eureeca and invest seamlessly; negating the need for paperwork and stamps at government entities to create a National Investor Number (NIN). Investors can subscribe using bank transfer or card payment. When investors want to sell their shares, they can do so from three clicks via Eureeca's platform, omitting the need for a trading account with a local broker, which isn't required when selling via Eureeca. The growing demand for UAE IPOs reflects the region's economic diversification, robust capital markets, and increasing foreign investor interest. The IPO pipeline for 2025 remains strong, with key industry players including Etihad Airways, which has been widely reported in the media, Dubizzle, Five Holdings, and Alpha Data, potentially going public. 'Eureeca is well-positioned to capitalise on this momentum, leveraging its strong regulatory infrastructure and technology to enable international investor access into the UAE in a fully compliant manner. International customers, fans and employees of the anticipated Etihad Airways IPO can participate seamlessly and competently through Eureeca's end-to-end solution, developed for international, regional and local investors,' Quawasmi added. Eureeca is a multi-regulated, cross-continental digital investment platform with 55,000 users across 72 countries. The company's recent strategic partnership with the Abu Dhabi Securities Exchange (ADX) offers direct access to IPOs on the ADX, with other markets and exchanges to follow. Cementing Eureeca's aspirations to build a mobile-friendly democratised digital investment bank, the app provides investors with IPO opportunities in multiple countries and the ability to make a portfolio of private growth companies and launch other asset classes in various geographies. For more information, please visit Media contact: TRINA QUINTANA Account Manager Indigo Icon Tower, Jumeirah Lakes Towers Dubai, United Arab Emirates E-mail: Website: A member of the ECCO Communications Network
