Dubai — Dubai Investments PJSC is mulling an initial public offering of Dubai Investments Park Development Co., its property arm, as it seeks to take advantage of the city's booming housing market.
Chief Executive Officer Khalid Bin Kalban informed Bloomberg that the company plans to sell a maximum of 25% of the unit by February. The proceeds will be used to finance new projects, such as more industrial and residential parks.
The 2,300-hectare development containing industrial, commercial, and residential areas has more than 90% occupancy levels, according to analysts on the case, who put a potential value of Dh8 billion to Dh10 billion ($2.2 billion–$2.7 billion).
Dubai’s broader property sector has been on a record run, with residential prices up more than 70% over the past four years. Relaxed visa policies and rising demand from international buyers have fueled investment, prompting a wave of IPOs in the emirate’s real estate space.
Dubai Investments, with a portfolio of over 30 firms, has witnessed its shares increase by 32% this year, ahead of the Dubai benchmark index. The company is also considering listings of other subsidiaries such as Emirates Glass and district cooling firm Emicool, given expansion.
