Image courtesy of DIP Holding.
Morning. Steve Moore here. DIP Holding drew enough early demand to cover its share sale within minutes on Tuesday, Bloomberg reports. Aldar, meanwhile, reported higher profits despite a sharp fall in new UAE property sales.
Subscribe to Emirates Wire for weekday briefings on the UAE and its neighbours, with a longer read on Saturday.
DIP’s price and dividend terms
Dubai Investments is offering a 20% stake in DIP Holding, the owner of Dubai Investments Park, at Dh1.10 to Dh1.15 a share. The sale of existing shares would bring the parent company up to $543 million.
DIP expects to pay Dh725 million in dividends for 2027, implying a yield of approximately 7.27% at the top of the price range and 7.60% at the bottom. The payouts remain subject to board recommendations, shareholder approval and available distributable reserves.
The offer values DIP at Dh9.5 billion to Dh10 billion. Last week, Bloomberg reported that banks were pitching Dh11 billion to Dh14 billion before an IPO discount. Subscriptions close on 3 November; the final price is expected on 4 November and trading around 11 November.
Aldar’s earlier sales support today’s profit
The developer reported net profit after tax of Dh7.1 billion for the first nine months, up 19%, on revenue of Dh26.2 billion, up 11%. Over the same period, UAE development sales fell 46% to Dh14.4 billion; group development sales fell 34% to Dh18.9 billion.
Aldar says work on projects sold earlier is increasing revenue. Its Dh71.6 billion development sales backlog helps it forecast revenue for the next two to three years, the company says. Earlier contracts can support profits even when new sales slow.
Hotel occupancy fell to 57% from 69% a year earlier, which Aldar attributed to disrupted travel and weaker international demand. The company launched seven property projects in the third quarter, bringing the year’s total to twelve.
Canada signs cooperation agreements
Prime Minister Mark Carney hosted Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed as ministers agreed to advance free trade, invest in clean power and energy infrastructure, and cooperate on diplomatic training. Canada’s Trade Minister Maninder Sidhu said the UAE was looking to invest the funds it had already pledged.
DP World told the Winnipeg Free Press that its Churchill port MOU with Arctic Gateway Group and CentrePort Canada was exploratory, rather than a formal entry into Manitoba. The partners signed it on 29 September and announced it on Monday to coincide with Sheikh Khaled’s visit.
Exit polls leave both Israeli blocs short
Channel 12’s first exit poll projected 50 seats for Prime Minister Benjamin Netanyahu’s bloc, 52 for former military chief Gadi Eisenkot’s bloc and 18 for the Arab parties. Channel 13 projected 50 seats for Netanyahu’s bloc and 53 for the opposition bloc.
Neither projection gave either bloc the 61 seats needed for a majority in the 120-seat Knesset, Israel’s parliament. These are exit-poll projections, not official results; the BBC reports that counting of many soldiers’ and reservists’ votes begins on Wednesday.
Oman proposes a Gulf non-aggression pact
Foreign Minister Badr Albusaidi has called for the six Gulf Cooperation Council states, Iran and Iraq to negotiate a non-aggression pact. Speaking at Girton College, Cambridge, on Monday, he argued that Gulf security arrangements had “relied for too long on the involvement of external powers”.
He said outside partnerships should continue, but their security role could no longer be primary. Over time, he wanted those relationships to shift towards economic cooperation and investment.
Albusaidi also said talks between Oman and Iran had produced the outline of a temporary arrangement for free navigation through the Strait of Hormuz. He said political obstacles remained, and Iran and the United States would have to compromise before it could take effect.
Iran reiterates its conditions
Iranian state media said Supreme Leader Mojtaba Khamenei met security chief Mohsen Rezaei on Tuesday and reaffirmed Tehran’s conditions for ending the conflict. Those conditions include ending the US blockade of Iranian ports and lifting sanctions on Iranian oil exports. The same account said the two discussed maintaining control over the Strait of Hormuz.
Rezaei had met senior officials from Saudi Arabia, Pakistan and Turkey, the members of the Mecca defence pact, on Monday. An unnamed Pakistani official told Reuters that army chief Field Marshal Asim Munir had presented a proposal, with the three countries and Qatar as possible guarantors if it were accepted. Its terms remain undisclosed; Iranian state media said the countries agreed to keep talking.
US oil reserves fall
US Strategic Petroleum Reserve stocks fell to 282.6 million barrels in the week to 23 October. Reuters reports that this was the lowest level since October 1982. International Energy Agency head Fatih Birol said on Monday that he did not expect energy markets to return to their pre-conflict position in 2027.
Teaching children to question artificial intelligence
The UAE Embassy in Washington shared Education Minister Sarah Al Amiri’s September CNN interview on Tuesday, highlighting the existing school artificial intelligence curriculum. It covers kindergarten to Grade 12: pupils begin with basic concepts and later learn to evaluate and design systems.
The curriculum asks pupils to question answers, recognise the technology’s limits and judge when people need to intervene. Parents could ask schools how children learn to check an answer, and when they must work without the tool.
Beaches remain closed
Beaches in Umm Al Quwain, Sharjah’s Al Hamriyah Beach and Ras Al Khaimah’s public beaches remained closed on Tuesday, with no reopening dates confirmed, Gulf News reported. The environment ministry has urged fishermen not to fish in affected areas while the clean-up continues.
Flag Day is next Tuesday
Sheikh Mohammed bin Rashid has called on citizens, residents, government bodies, schools and households to raise the UAE flag on 3 November. Flag Day is not a public holiday, The National notes.
Corrections
Tuesday’s edition gave Monday’s Brent close as $114.96. Reuters reported the correct settlement was $115.81 a barrel.
We also said the Churchill MOU was signed during Sheikh Khaled’s visit. The partners signed on 29 September and announced it during the visit, the Winnipeg Free Press reports.
What I am watching
I am watching the Israeli counter-responses to Oman’s proposed pact and Pakistan’s proposal. I will also look for dates for beach reopenings.
Please share this briefing with someone following the UAE’s property market or its business abroad. Thank you for reading, and send stories, tips or perspectives to steve@emirateswire.co.uk.
If you are buying, selling or building homes in the UAE, what has changed since the start of the year? Tell me what you are seeing.
Steve
Emirates Wire uses AI tools to assist with research, early drafting, fact-checking and copy-editing. Steve Moore reviews, edits and personally approves every sentence before publication.