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DIP Holding's investment propositionDIP Holding owns 100% of the company that operates Dubai Investments Park ("DIP"), the well-established 23 million sqm mixed-use community located in the south of Dubai that brings together logistics, industrial, residential and commercial businesses and communities in one integrated destination.
23.0m sqm | 17.1m sqmMaster-planned area | Gross leasable area (GLA)
~ 1,000 tenants ~ 5,700 sub-leases + 150,000 residents
99.9% occupancy as at 30 June 2026; ~ 98% average from 2020–2025
Logistics | Industrial | Commercial | Residential Sectors served
30+ years or more Contract duration
AED 42bn+ | <2%Invested by tenant in their own developments within DIP | Tenant’s ground payments as a % of total invested amount.
A differentiated "infrastructure-like" business model 1 DIP operates the Park under a long-term government headlease Dubai Investments Park is operated under a 99-year headlease, providing a long-term foundation for the business. 2 DIP leases serviced plots to tenants Tenants enter into long-term ground leases - typically 30 years or more - and fund and develop their own buildings and facilities. DIP does not develop any superstructures. 3 DIP earns recurring income DIP generates income from ground rent, subleasing fees and services, while requiring limited ongoing capital investment. Long-term contracts + tenant-funded development + recurring revenues = strong cash visibility with limited ongoing capex
Dubai Investments Park is operated under a 99-year headlease, providing a long-term foundation for the business.
Tenants enter into long-term ground leases - typically 30 years or more - and fund and develop their own buildings and facilities. DIP does not develop any superstructures.
DIP generates income from ground rent, subleasing fees and services, while requiring limited ongoing capital investment.
Long-term contracts + tenant-funded development + recurring revenues = strong cash visibility with limited ongoing capex
High margins, strong cash generation FY 2025 960M REVENUE +7.6% YoY 678M Adjusted EBITDA1 +7.4% YoY 71% Adjusted EBITDA 1,093M NET PROFIT +14.2% YoY 97.8% CASH CONVERSION2 FY 2026 492M REVENUE +6.9% YoY3 355M Adjusted EBITDA1 +8.9% YoY3 72% Adjusted EBITDA 444M NET PROFIT 98% CASH CONVERSION2 1Adjusted earnings before finance cost, taxes, depreciation and amortization is calculated as: net profit plus net finance costs plus depreciation and amortisation expenses plus tax expenses, minus gain on fair value of investment properties, minus gain on sale of investment properties, minus reversals of provisions. 2Cash Conversion is calculated as Adjusted EBITDA less capital expenditure, divided by Adjusted EBITDA. 3Like-for-like growth provides a more comparable view of the continuing business by comparing H1 2026 against H1 2025 revenue of AED 460 million on a like-for-like basis, which excludes the contribution from assets that were subsequently sold and were therefore no longer part of the portfolio in H1 2026.
REVENUE +7.6% YoY
Adjusted EBITDA1 +7.4% YoY
Adjusted EBITDA
NET PROFIT +14.2% YoY
CASH CONVERSION2
REVENUE +6.9% YoY3
Adjusted EBITDA1 +8.9% YoY3
NET PROFIT
1Adjusted earnings before finance cost, taxes, depreciation and amortization is calculated as: net profit plus net finance costs plus depreciation and amortisation expenses plus tax expenses, minus gain on fair value of investment properties, minus gain on sale of investment properties, minus reversals of provisions.
2Cash Conversion is calculated as Adjusted EBITDA less capital expenditure, divided by Adjusted EBITDA.
3Like-for-like growth provides a more comparable view of the continuing business by comparing H1 2026 against H1 2025 revenue of AED 460 million on a like-for-like basis, which excludes the contribution from assets that were subsequently sold and were therefore no longer part of the portfolio in H1 2026.
DIP growth strategy Resetting rents closer to market levelsAs long-term leases reach their scheduled rent review dates, DIP can reset rents closer to prevailing market rates. Around 10.7 million sqm of the operating lease ground rent portfolio is due for repricing between the second half of 2026 and 2030. Earning more through sublettingWhen tenants sublet space to other businesses, DIP earns a fee linked to that subleasing income. As more space is sublet and sublease rents increase, DIP can generate more income from its existing leased plots. Re-positioning plots to higher-value usesSome plots within the Park are being converted from lower-rent uses, such as industrial, to higher-rent uses, such as logistics, supporting higher rental income and additional subleasing opportunities.
Clear dividend policy underpinned by strong cash visibility Annualised dividend targets4 FY 2026 FY 2027 FY 2028 FY 2029 onwards 700M5 725M 750M Expected to continue paying dividends in line with or above FY 2028 levels. 4Annualised dividend targets, subject to the recommendation of the Board of Directors and approval by shareholders. Excludes the pre-IPO dividend paid to the Selling Shareholder. 5Excludes AED 100 million exceptional dividend which was distributed in September 2026.
700M5
725M
750M
Expected to continue paying dividends in line with or above FY 2028 levels.
4Annualised dividend targets, subject to the recommendation of the Board of Directors and approval by shareholders. Excludes the pre-IPO dividend paid to the Selling Shareholder.
5Excludes AED 100 million exceptional dividend which was distributed in September 2026.
Key IPO Dates 27 October 2026 Subscription period opens 3 November 2026 Subscription period closes (at 1:00 PM UAE) 4 November 2026 Announcement of final offer price 10 November 2026 Allocation notification and refunds 11 November 2026 Expected date of listing on the DFM
For more information, For more information DIP Holding's IPO www.ipo.dipark.com ADIB IPO Call Centre: +971 2 652 0878 Disclaimer: This announcement has not been approved by the Capital Market Authority (“CMA”) or any regulator in the UAE or elsewhere and does not form part of the prospectus. This announcement or any related advertisements does not fall under CMA’s remit or jurisdiction. Terms and conditions apply.
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