Dubai Investments will decide before May 15 whether to go ahead with the IPO of its real estate business or push it to October, said Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments.
“We have been in contact with the banks that will lead the issue, as well as major investors participating in the offering. They are all very positive,” Kalban told Gulf News on the sidelines of Dubai Investments’ annual general meeting. “Our board will have to decide, hopefully by May 11, whether we proceed or postpone the IPO for another three months.”
Dubai Investments had announced last September that it will sell a 25 per cent stake in Dubai Investments Park (DIP), the 23-million-square-metre, mixed-use industrial, commercial and residential hub.
Impact of geopolitical tensions
As a diversified entity with presence in real estate, manufacturing, building materials, financial investments, healthcare, and education, Kalban said Dubai Investments was fairly insulated from the impact of geopolitical tensions.
“Dubai Investments is a local company with local investors with income coming from residents; it’s not affected by anything else,” he explained, expressing confidence in its ability to navigate difficult circumstances citing past experiences. “We are very safe and we have a track record of 30 years.”
