Initial Public Offering (IPO) of Dubai Residential REIT

DHAM REIT Management LLC (“the Fund Manager”) is pleased to announce its intention to launch an initial public offering (“IPO” or “the Offering”) for Dubai Residential REIT, a Shariah-compliant income-generating closed-ended real estate investment fund under establishment and one of the largest owners and operators of residential real estate in Dubai, to list its units for trading on the Dubai Financial Market (“DFM”).

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Dubai Residential REIT: The Benchmark for Dubai’s Residential Real Estate Leasing Market

Dubai Residential LLC (“Dubai Residential”), previously Dubai Asset Management LLC is owned by Dubai Residential REIT and is a leading name in Dubai’s residential leasing market, managing one of the city’s largest and most diversified portfolios. As an institutional landlord, Dubai Residential sets the benchmark for the city’s residential real estate market, operating one of the largest owned and operated residential portfolios in the UAE that is managed to ensure reliability, efficiency, and high-quality services for its tenants. This professional approach enhances resident retention and drives strong demand, reflecting Dubai Residential’s commitment to providing quality homes that meet the diverse needs of Dubai’s residents. With carefully curated communities, Dubai Residential reinforces the city’s standing as one of the world’s most livable destinations.

Know More Visit dubairesidential.ae

To redefine urban living in Dubai by creating exceptional, diverse communities that set the benchmark for residential real estate in the city, inspiring a sense of belonging and enhancing Dubai’s global reputation as one of the world’s most livable destinations.

A Real Estate Investment Trust (REIT) is designed to provide investors with the economic benefits of real estate ownership while removing the challenges associated with outright building a real estate portfolio, leasing and managing properties. A REIT owns and manages a portfolio of multiple properties and distributes the majority of rental income to investors through regular dividends. The investment characteristics of REITs fall between equities and bonds/sukuk, blending the potential for income streams and capital growth.

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Dubai Residential REIT at a Glance

AED 1.8

billion

Revenue

FY 2024

AED 1.3

billion

Adjusted EBITDA

FY 2024

AED 1.1

billion

Expected Dividend

FY 2025

AED 21.6

billion

Gross Asset Value

FY 2024

35,700

Residential Units
(95% Apartments / 5% Villas)

FY 2024

Residential Communities

FY 2024

97%

Average Occupancy Rate

FY 2024

87%

Retention Rate

FY 2024

52.9

AED per sq. ft.

Average Revenue Per Leased GLA

FY 2024

(1) Adjusted EBITDA: Profit for the period after tax plus income tax expense, finance costs – net, and depreciation and amortisation, before gain on fair value of investment property and before allocated corporate costs
(2) Subject to Board approval. The expected dividend in respect of the year ending 31 December 2025 should not be viewed as a guide to the amount of any dividends that may be paid in respect of subsequent periods
(3) Or, if higher, an amount equal to 80% of profit for the period before changes in fair value of investment property
(4) Gross Asset Value: The market value of Dubai Residential LLC’s investment property, as determined by JLL Valuation LLC
(5) Average Occupancy Rate: The monthly average of leased units during the period divided by the monthly average of available units during the period
(6) Retention Rate: Percentage of total tenants that renew their leases during the period
(7) Average Revenue Per Leased GLA: Annual revenue divided by the area associated with leased units

Investment Highlights

1. Superior UAE macro fundamentals driving continued economic outperformance

• Strong UAE economic performance and robust Dubai population growth in recent years have positively influenced the residential real estate market.

• GDP growth outpacing other GCC nations and Western Europe and Dubai’s population increasing at 2.7% annually from 2018 to 2023.

• Strategic initiatives, such as the Dubai 2040 Urban Master Plan and Dubai Economic Agenda D33, aim to grow the economy significantly and enhance living environments.

• Coupled with innovative visa programs like the Golden Visa and supportive social reforms, Dubai continues to attract global talent and investors, reinforcing its status as a premier destination to live, work, and invest.

2. Positive residential leasing market dynamics with ongoing structural shifts

• The REIDIN Residential Index for Dubai saw significant growth from Q1 2021 to the end of Q4 2024, rising by 17% annually. This increase was driven by rental rate growth across both apartments and villas, which grew annually by 17% and 18%, respectively.

• The increase in rental demand has been driven by sustained economic and employment growth, rising household incomes, population expansion, and increased housing demand due to long-term visa and residency programs.

• This upward population trend is expected to support occupancy rates, which are projected to remain stable at 80–90% through 2030, even with the addition of over 200,000 new housing units.

• Over 60% of lease transactions come from renewals—supported by capped annual rent increases under RERA regulations, making them more attractive than new leases. Given these dynamics, Dubai Residential REIT is expected to continue to maintain high occupancy rates and reserve the flexibility to increase rents, given relatively inelastic demand.

3. Benchmark for Dubai’s residential real estate market and a high-quality diversified platform

• Dubai Residential REIT is expected to be the GCC’s first pure-play residential REIT as well as the largest REIT in the GCC, with 35,700 residential units under management and a GAV of AED 21.6 billion, almost double the combined GAV of the five largest REITs in the region.

• Accounting for approximately 6% of Dubai’s rental transactions and 3% of total rental value as of the end of December 2024, it showcases Dubai Residential REIT’s extensive reach and breadth of scale, positioning it as the benchmark for Dubai’s residential real estate market.

• Dubai Residential REIT’s diversified portfolio—spanning various locations, property types, and segments such as Premium, Community, Affordable, and Corporate Housing—combined with a well-balanced tenant mix of 57% individual tenants (primarily families) and 43% corporates, ensures stable cash flows and consistent operating margins.

4. Active asset management driving stable and resilient operating performance

• Dubai Residential REIT’s seasoned teams ensure stable and resilient operations through active asset management, focusing on value creation, maximising cash flows, tenant engagement, and risk mitigation.

• This approach is reflected in the track record of the team, having increased average occupancy from 93% in 2022 to 97% by December 2024.

• During the same period, new lease rates rose annually by 19% (Premium), 14% (Community), and 12% (Affordable), while maintaining an impressive average retention rate of 83%.

5. Robust cash generation and attractive intended dividend policy

• Dubai Residential REIT has demonstrated strong cash generation, driven by topline growth, improving margins, and high cash flow conversion rates.

• Despite ongoing capital expenditures to maintain asset quality, its real estate portfolio continues to generate strong free cash flow, benefiting from the recent completion of major investment programs.

• With a prudent capital structure and conservative leverage policy, Dubai Residential REIT maintains strategic flexibility and cost optimisation across market cycles.

• These factors are expected to enable Dubai Residential REIT to deliver attractive investor returns, with a targeted dividend payout ratio of at least 80% of profit before changes in the fair value of investment property.

6. Tangible organic growth with sizeable inorganic upside potential

• Dubai Residential REIT is pursuing a growth strategy that combines tangible organic growth with a strong potential for inorganic expansion.

• Organic growth is expected to be driven by rental rate increases, portfolio efficiencies, and market trends, while inorganic initiatives focus on acquiring new properties and leveraging the right of first offer (ROFO) granted to Dubai Residential REIT in respect of DHAM-owned prime real estate projects.

7. Strategic alignment with one of Dubai’s leading investors, developers and asset managers

• Dubai Residential REIT’s competitive position is further strengthened by its strategic alignment with Dubai Holding, Dubai’s leading investor, real estate developer and asset manager.

• As part of its ecosystem, Dubai Residential REIT benefits from the Dubai Holding Group’s broad capabilities within the real estate sector, including development, asset management, facilities management and community management.

• Dubai Residential REIT will also benefit from the Fund Manager’s experienced management team from DHAM, which has a proven track record of developing, financing, managing and operating institutional grade built-to-lease residential assets in Dubai’s key large scale master plans.

Dividend Policy

Subject to the REIT Board’s approval and other provisions of the UAE prospectus, Dubai Residential REIT intends to adopt a semi-annual dividend distribution policy making payments in April and September of each year, starting from September 2025.
The REIT expects that the sum of its first two dividend payments, expected to be made in September 2025 and April 2026, will be the higher of: (i) AED 1,100 million; and (ii) an amount equal to 80% of profit for the period before changes in fair value of investment property, in respect of its financial results for the year ending 31 December 2025, subject at all times to Board approval.
In respect of the financial results for the year ending 31 December 2026 and thereafter, Dubai Residential REIT intends to distribute at least 80% of profit for the period before changes in fair value of investment property for each accounting period (subject to Board approval).

IPO Timeline

5 May 2025

Announcement of Intention to Float on the DFM

13 May 2025

Offer Commencement Date & Price Range Announcement

20 May 2025

Closing Date of Retail Investor tranche
Closing Date of Professional Investor tranche

21 May 2025

Announcement of Final Offer Price

26 May 2025

Final allocation and Commencement of refunds

28 May 2025

Expected date of listing the units on the DFM

Malek Al Malek - Group CEO of Dubai Holding Asset Management LLC and Chairman of the Investment Committee of DHAM REIT Management LLC

Message from leadership

"Our residential leasing journey spans from some of the earliest purpose-built developments over 20 years ago to an exceptional portfolio of properties today that reflect Dubai’s ongoing growth and development. This rich legacy, combined with a relentless commitment to quality, has solidified our role as a creator of diversified, connected communities enabling us to capture the significant opportunities emerging from Dubai’s property market.

The decision to launch the IPO of Dubai Residential REIT marks a natural evolution in our story, offering investors a unique opportunity to participate in the GCC’s largest and first pure-play listed residential leasing-focused REIT. With a diversified portfolio valued at over AED 21 billion, this milestone enables us to expand our impact, deliver sustainable unitholder returns, and continue shaping the future of urban living in Dubai.
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The launch of Dubai Residential REIT, featuring a portfolio comprising 35,700 units and serving more than 140,000 residents across 21 vibrant communities, marks a significant expansion of our investment offerings. This Offering paves the way for a broader segment of investors to participate in Dubai’s dynamic real estate growth story.”

Malek Al Malek

Group CEO of Dubai Holding Asset Management and Chairman of the Investment Committee of DHAM REIT Management LLC

Dubai Residential REIT Governance

Board of Directors

Nabil Mohammad Ramadhan Alahmadi

Chairman of the Board

Nabil Ramadhan is expected to be appointed as Chairman of the Board with effect from the date of Listing. He also serves as the Chief Strategy & Marketing Officer at DHAM, a key contributor to the growth and development of business and tourism sectors in the UAE with its leading retail destinations and residential communities. In his current role, Nabil oversees the DHAM Group’s Marketing & Communications, Business Excellence, Business & Corporate Strategy, and Research & Product Development functions, fostering synergy between teams to propel sustainable, long-term growth and innovation.

Brigitte Zammit

Board Member

Brigitte Zammit is expected to be appointed to the Board with effect from the date of Listing. She is also a Senior Vice President with Dubai Holding Investments, Dubai Holding’s investment arm that is dedicated to executing a range of strategic and financial investments through direct and indirect strategies across asset classes with a global diversification mandate. Her role spans transactions, portfolio management, and governance and compliance for this vertical as well as key strategic projects and initiatives across the broader Dubai Holding Group.

Anuradha Harish

Board Member

Anuradha Harish is expected to be appointed to the Board with effect from the date of Listing. She also serves as the Chief Commercial Officer for Dubai Holding Real Estate, where she leads the development and execution of commercial strategies across the residential and land portfolios for Nakheel, Meraas, Dubai Properties and Meydan. She is responsible for marketing, sales, customer management and commercial operations with a focus on accelerating sales growth, enhancing brand positioning and optimising the customer experience.

Zuber Dehgamia

Board Member

Zuber Dehgamia is expected to be appointed to the Board with effect from the date of Listing. He is also a dynamic Chartered Accountant, currently serving as the Chief Financial Officer at Dubai Holding Real Estate.

Ahmad Ali Ahmad Meftah AlMarzooqi

Independent Member

Ahmad Meftah is expected to be appointed to the Board with effect from the date of Listing. He also serves as Executive Director of the Central Accounts Sector at the Department of Finance in the Dubai government. Ahmad is a gifted communicator and strategist, experienced at anticipating the regulatory and economic implications of global events and working collaboratively to align financial strategy with innovation and sustainability goals aimed at positioning Dubai as a leading global financial centre.

Fahed Ahmed Saeed Mohamed AlAwadhi

Independent Member

Fahed Ahmad AlAwadhi is expected to be appointed to the Board with effect from the date of Listing. He is also a distinguished civil engineer and strategic leader with over 15 years of experience managing large-scale infrastructure projects in Dubai, currently serving as Director of the Drainage and Recycled Water Projects Department at Dubai Municipality.

Badr Yousuf Mohammad Ali AlGargawi

Independent Member

Badr AlGargawi is expected to be appointed to the Board with effect from the date of Listing. He is also the Deputy Director General of Planning & Development at Dubai Development Authority (DDA), leading the regulation of planning and development of the built environment across its jurisdiction in Dubai.

Shariah Supervisory Committee

Dr. Mohamed Abdul Rahim Sultan Al Ulama

Chairman of Shariah Supervisory Committee

Professor Dr. Mohammad Abdul Rahim Sultan Al Olama (“Dr. Al Olama”) is a Professor of Jurisprudence and its fundamentals at the College of Law at the United Arab Emirates University in Al Ain (UAE), in addition to being a certified expert in financial affairs concerning compliance with Islamic Shariah principles.

Dr. Mohammad Ali El Gari

Member of Shariah Supervisory Committee

Professor Dr. Mohamed Ali Elgari (“Dr. Elgari”) holds the distinction of being a former Professor of Islamic Economics at King Abdulaziz University, Jeddah (Saudi Arabia), and the former Director of the Centre for Research in Islamic Economics at the same university.

Dr. Salim Al Ali

Member of Shariah Supervisory Committee

Dr. Salim Ali Al Ali (“Dr. Al Ali”) is an Assistant Professor at the Department of Shariah and Islamic Studies at the College of Law at the United Arab Emirates University (UAE) where he teaches a variety of courses related to Islamic law and Islamic banking.

Fund Manager Governance

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Investment Committee

H.E. Malek Sultan Al Malek

Chairman of the Investment Committee

H.E. Al Malek is a prominent leader in the UAE business landscape, contributing, over the past two decades, to Dubai’s economic growth, urban development and innovation. H.E. Al Malek’s extensive industry experience, paired with a bachelor’s degree in business management from the Higher Colleges of Technology (UAE), has honed his expertise across sectors pivotal to Dubai’s knowledge economy and diversification agenda, including technology, information and education. As the Chief Executive Officer of DHAM, he has successfully overseen diverse portfolios across retail and residential assets, corporate synergies, strategic investments and acquisitions, as well as reinforced business resilience and ensured sustainable growth across all verticals. In addition, H.E. Al Malek holds a government position as the Director General of the Dubai Development Authority (DDA). As chairman of the boards of directors of two major players in Dubai’s business landscape, Emirates Integrated Telecommunications Company (EITC) (more commonly known as du) and TECOM Group PJSC (“TECOM”), H.E. Al Malek has driven strategic initiatives, fostered innovation ecosystems and further strengthened Dubai’s global economic position.

Gautam Gurnani

Member of the Investment Committee

Gautam Gurnani is a member of the Investment Committee of the Fund Manager. He is also a Senior Vice President with Dubai Holding Investments, Dubai Holding’s investment arm that is dedicated to executing a range of strategic and financial investments through direct and indirect strategies across asset classes with a global diversification mandate. Gautam is a founding member of Dubai Holding Investments and, in his role, leads the direct investments and co-investment transactions for the vertical.

Girish Kumar

Member of the Investment Committee

Executive Director – Finance

Girish Kumar is Executive Director of Finance at the Fund Manager. In this role, he oversees accounting and statutory reporting, financial planning and analysis, treasury, billing and collections as well as investor relations.

Deema Darwish

Member of the Investment Committee

Deema Darwish is the Executive Director of Strategy & Product Development at DHAM. In this capacity, she spearheads corporate strategic planning, investment management and product development across diverse asset classes. Her mandate is to drive growth, expansion and the optimisation of DHAM’s real estate portfolio, ensuring its sustained market leadership.

Umar Farooq

Member of the Investment Committee

Executive Director – Investments

Umar is a Dubai Holding Group employee and acts as the Executive Director of Investments at the Fund Manager on an outsourced basis. Pursuant to such arrangement, Umar is responsible for leading the Fund Manager’s investment team, which plans, manages and advances short- and long-term investment strategy, executes investment and divestment transactions, and undertakes portfolio management activities, market and feasibility analysis, valuation and reporting.

Valeriy Eksuzyan

Member of the Investment Committee

Portfolio Manager – Investments

Valeriy is a Dubai Holding Group employee and acts as the Portfolio Manager of Investments at the Fund Manager on an outsourced basis. Pursuant to such arrangement, Valeriy is responsible for supporting the Executive Director of Investments in leading the Fund Manager’s team, which plans, manages and advances short- and long-term investment strategy, executes investment and divestment transactions, and undertakes portfolio management activities, market and feasibility analysis, valuation and reporting.

Rabah Halawani

Member of the Investment Committee

Director – Risk Management and Compliance

Rabah is a Dubai Holding Group employee and acts as Director of Risk Management and Compliance at the Fund Manager on an outsourced basis. Pursuant to such arrangement, Rabah is responsible for driving the design and development of a comprehensive risk management framework that mitigates market, counter-party and operational risks, to help ensure standardised responses to risk issues in line with the Fund Manager’s risk appetite and tolerance. Rabah is also responsible for the Fund Manager’s compliance with the applicable regulatory and statutory requirements as well as the internal policies and procedures. His role also includes providing the necessary training and ongoing support to employees to facilitate compliance with the applicable laws and regulations.

Senior Management

Ahmed Al Suwaidi

Managing Director

Ahmed Al Suwaidi is a seasoned real estate executive with over 15 years of experience in shaping Dubai’s housing landscape and enhancing the city’s global appeal as a premier destination for living and working. As the Managing Director of the Fund Manager, Ahmed oversees the Group’s strategically located residential communities comprising 35,700 units, offering tailored housing options for individuals, families and corporate clients.

Girish Kumar

Member of the Investment Committee

Executive Director – Finance

Umar Farooq

Member of the Investment Committee

Executive Director – Investments

Valeriy Eksuzyan

Member of the Investment Committee

Portfolio Manager – Investments

Rabah Halawani

Member of the Investment Committee

Director – Risk Management and Compliance

Umer Anwar

Executive Director – Property Management

Umer Anwar is Executive Director of Property Management at the Fund Manager, where he leads facilities management, property management and tenant relations.

Rami Abi Faraj

Executive Director – Leasing

Rami Abi Faraj is Executive Director of Leasing at the Fund Manager, where he oversees a dedicated team that manages every stage of the leasing cycle from lead generation to tenant onboarding ensuring a seamless, professional experience for prospective tenants while maintaining high occupancy levels. An accomplished real estate professional with over 12 years’ experience in senior leadership roles in the UAE real estate market, Rami is recognised for his proven ability to drive revenue growth, manage large sales and leasing teams, and build lasting strategic relationships.

Amjad Abou Said

Head of Business Development

Amjad Abou Said is Head of Business Development at the Fund Manager. He brings over two decades of experience in property management, facilities management, master community management and business development. Within the Fund Management, he is responsible for Business Development, Rental Disputes Management, Marketing Activation, and Broker Management.

Vivek Reghu

Investment Operations Manager

Vivek is a Dubai Holding Group employee and acts as the Financial Analyst of the Fund Manager on an outsourced basis. Vivek is part of the Fund Manager’s investment team, which plans, manages and advances short- and long-term investment strategy, executes investment and divestment transactions, and undertakes portfolio management activities, market and feasibility analysis, valuation and reporting.

Frequently Asked Questions

All FAQs

1. What is Dubai Residential REIT?

Dubai Residential REIT is a shariah-compliant, closed-ended real estate investment fund that manages a significant residential portfolio in Dubai. It is among the largest operators in this sector and is managed by DHAM REIT Management LLC. Dubai Residential REIT is the parent company of Dubai Residential, previously known as Dubai Asset Management, which was the residential leasing arm of DHAM LLC (Dubai Holding Asset Management).

2. Who owns Dubai Residential REIT?

Dubai Residential REIT is owned by DHAM Investments LLC, which will remain the majority unitholder post-IPO. DHAM Investments LLC is owned by DHAM LLC, which is a subsidiary of Dubai Holding.

3. What types of properties are included in Dubai Residential REIT’s portfolio?

Dubai Residential REIT is a pure-play residential REIT, meaning it focuses on residential properties and leasing activities. The portfolio consists of 21 residential communities catering to various demographic segments across four key categories: Premium, Community, Affordable and Corporate Housing.

4. What are the residential communities in Dubai Residential REIT’s portfolio?

Dubai Residential REIT’s portfolio covers a diverse range of price points across four key categories: Premium, Community, Affordable and Corporate Housing. The full list of Dubai Residential REIT communities is as follows:

Premium:
• Bluewaters Residences
• City Walk Residences
• Nad Al Sheba Villas

Community:
• Garden View Villas
• Garden Apartments
• The Gardens
• Bayti
• Remraam
• Layan
• Meydan Residences 1
• Meydan Heights
• Dubai Wharf
• Manazel Al Khor
• Ghoroob Square
• Ghoroob
• Shorooq
• Badrah

Affordable:
• Al Khail Gate
• International City

Corporate Housing:
• Nuzul
• Al Quoz

5. How has Dubai Residential REIT been performing financially?

Dubai Residential REIT is under establishment for the purposes of the IPO. The revenue of its wholly-owned subsidiary, Dubai Residential LLC (“Dubai Residential”), has grown at 11.0% CAGR between 2022 and 2024, driven by rising rental rates, catch-up to applicable new lease rate on renewals, and re-rating on churn.
EBITDA margin was 72% during 2024 through revenue expansion, cost, and operating synergies realised from the pooling of the Meydan, Nakheel and Meraas assets. Dubai Residential’s free cash flow conversion has steadily increased from 81% in 2022 to 90% in 2024.
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In terms of the different categories:
‍

Premium:
• The Premium portfolio contributed c.AED 145 million of revenue in 2024.
• The portfolio has had stable occupancy levels since 2022, despite a slight decline in 2024, mainly on Bluewaters Residences, whose levels have since improved.
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Community:
• The Community portfolio is the largest in terms of revenue, contributing c.AED 855 million in 2024.
• The segment has seen the highest occupancy levels across the portfolio, standing at 99% as of December 2024, due to high demand and high retention rates.
• Its rental revenue per sq. ft. has also grown 18% between 2022 and 2024, while maintaining high occupancy levels.
• There are ongoing refurbishment projects in The Gardens and Garden View Villas since 2022 and 2023.
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Affordable:
• The Affordable portfolio is the second largest in terms of revenue, contributing c.AED 627 million in 2024.
• The segment also benefits from high occupancy levels, standing at 96% as of December 2024, representing a 2% increase since 2022.
• Additionally, there has been a 19.3% growth in rental revenue per sq. ft. between 2022 and 2024.
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Corporate Housing:
• The Corporate Housing portfolio had a revenue contribution of c.AED 82 million in 2024.
• The segment benefits from an over 4% occupancy uplift between 2022 and 2024.

6. What is the growth strategy of Dubai Residential REIT?

Dubai Residential REIT will use both organic and inorganic strategies to grow the business:

Organic growth:
• Rent optimization
• Operational efficiency
• Asset upgrades

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Inorganic growth:
• Rights of first offer (ROFO) to acquire built to lease assets from Dubai Holding Asset Management
• Acquisition of third-party assets

7. How is Dubai Residential REIT different from other REITs in the market/Dubai?

Dubai Residential REIT distinguishes itself in the Dubai market as a Shariah-compliant, closed-ended investment fund, uniquely aligned with Dubai Holding. This partnership provides exclusive access to premier real estate and development expertise, positioning it for significant organic and inorganic growth. Its strategic rights of first offer on select properties enhance its portfolio expansion opportunities, making it a compelling choice for investors seeking ethical and strategic investment opportunities in Dubai's dynamic real estate market.

Upon listing, Dubai Residential REIT is expected to be the GCC’s first pure-play residential REIT and is expected to be the GCC’s largest listed REIT, with a gross asset value of AED 21.6 billion, almost double the combined GAV of the five largest REITs in the region.

8. Why should I consider investing in Dubai Residential REIT?

Investors should consider Dubai Residential REIT for its:
• Scale and Leadership: The largest residential REIT in Dubai, with over 35,000 units across diverse segments.
• Resilient Financials: High occupancy rates (97%), steady rental growth, and robust free cash flow generation.
• Growth Potential: Organic rent increases, refurbishment programs, and opportunities for accretive acquisitions.
• Dividend Policy: Clear dividend policy mandated by SCA regulation, offering attractive dividend payouts supported by stable cash flows and prudent capital management.
• Market Position: Strategic alignment with Dubai Holding, leveraging its expertise and access to premier real estate assets.

9. How will Dubai Residential REIT use the proceeds of the IPO?

Dubai Residential REIT will not receive any proceeds from the offering and no transaction costs of the offering will be borne by Dubai Residential REIT. The net proceeds generated by the offering (after selling commissions and discretionary fees are paid) will be received by DHAM Investments LLC, the selling unitholder.

The offering is being conducted, among other reasons, to allow DHAM Investments LLC to sell part of its unitholding, while providing trading liquidity in the units and raising Dubai Residential REIT’s profile within the international investment community.

10. What is Dubai Residential REIT’s dividend policy?

Dubai Residential REIT intends to adopt a semi-annual dividend distribution policy, with payments scheduled for April and September each year, starting from September 2025. To comply with UAE law and SCA regulations governing REITs, Dubai Residential REIT must distribute at least 80% of its annual net profits, before fair value adjustments. In line with this requirement, Dubai Residential REIT expects that its first two dividend payments, which it intends to make in September 2025 and April 2026, in aggregate will total the higher of: (i) AED 1,100 million; and (ii) an amount equal to 80% of profit for the period before changes in fair value of investment property, in respect of its financial results for the year ending 31 December 2025, subject at all times to Board approval. In respect of the financial results for the year ending 31 December 2026 and thereafter, Dubai Residential REIT intends to distribute at least 80% of profit for the period before changes in fair value of investment property for each accounting period (subject to Board approval). The robust free cash flow generation, supported by high occupancy rates, stable rental income, and prudent cost management, underpins Dubai Residential REIT’s ability to maintain a sustainable and competitive dividend payout.

Receiving banks

If you are interested in investing in Dubai Residential, please contact one of the Receiving Banks listed below which are collaborating with the Company to help investors and shareholders.