Linklaters, Clifford Chance, and Ibrahim & Partners have advised parties in relation to the initial public offering (IPO) of Dubai Residential REIT (Real Estate Investment Trust) on the Dubai Financial Market (DFM).
It is the first REIT to be established in accordance with the UAE’s new 2023 REIT regime and the first IPO on the DFM in 2025.
The offering comprised 1.95 billion units, representing 15% of Dubai Residential REIT’s issued unit capital, offered by DHAM Investments, a subsidiary of Dubai Holding. Upon listing, DHAM will retain the remaining 85% stake.
Linklaters advised Dubai Holding, with Ibrahim & Partners providing advice on aspects relating to UAE law, from structuring and regulatory compliance to execution and listing. Clifford Chance advised the underwriters.
The offering raised AED 2.1 billion (US$584 million) to become the region’s largest listed REIT to date.
Dubai Residential REIT is one of the largest owners and operators of residential real estate in Dubai, managing 35,700 residential units across the emirate.
The Linklaters team was led by Middle East managing partner Scott Campbell, global chair of equities Jason Manketo and Dubai corporate partner Patrick Sutton-Mattocks.
Sutton-Mattocks said: “We are immensely proud to have supported Dubai Holding on this milestone IPO. It is a pioneering transaction that highlights the positive outlook for the real estate investment landscape in the UAE and the wider GCC region, and the scale of the offering underscores the continuing global investor interest in Dubai’s residential property sector.”
Ibrahim & Partners managing partner and Law Middle East April 2025 cover star Ahmed Ibrahim, who led on the transaction, said: “This listing marks a pivotal moment in the evolution of the UAE capital markets and the real estate investment landscape. We are honoured to have advised on the first REIT structured under the new regulatory framework and proud to contribute to a transaction that reflects innovation, investor protection, and regulatory advancement.”
The Clifford Chance team advising the underwriters was led by Dubai partner Omar Rashid, with support from London partners Christopher Roe and Drew Rundus. The underwriters were Abu Dhabi Commercial Bank, Arqaam Capital (acting in conjunction with Arqaam Securities), Citigroup Global Markets, Emirates NBD Capital, First Abu Dhabi Bank, and Morgan Stanley & Co. International.
The listing is expected to trigger a new wave of institutional interest in IPOs in general and the REIT sector in particular, and pave the way for future offerings.
