Al Mal Capital REIT, listed on Dubai Financial Market, is launching a follow‑on public offering to raise up to AED 242 million by issuing as many as 220 million new units at AED 1.10 per unit, subject to Securities and Commodities Authority approval.
The subscription period runs from 7 to 25 July, with trading of the newly issued units slated around 8 August, pending the necessary regulatory clearances.
Proceeds from the sale will be allocated to expanding the trust’s income‑generating portfolio, targeting high‑demand sectors such as healthcare, education and mission‑critical industrial assets within the UAE.
The fund, managed by a subsidiary of Dubai Investments, currently holds units valued under AED 513.9 million. Following the FPO, this is projected to rise to approximately AED 733.9 million.
Existing investors registered as unitholders on the official record date of 26 June will benefit from priority allocation, entitled to units equal to around 39 per cent of their current holdings, designed to shield them from dilution. A secondary tranche safeguards allocations of at least 2,000 units per valid new investor.
The REIT has maintained stable performance since listing, delivering cumulative annual returns of approximately 7 per cent. It is issuing an interim cash dividend of AED 0.0375 per unit for the first half of 2025, equal to an annualised yield of around 7.5 per cent. Only investors on record by 26 June will be eligible.
Naser Al Nabulsi, Vice‑Chairman and CEO of the manager, emphasised strong investor appetite for regional REITs, citing robust retail participation in prior Dubai market offerings. He described the upcoming sale as an opportunity to broaden participation in “strong and consistent dividends”.
The REIT maintains a fully occupied portfolio, with assets held under long‑term leases to investment‑grade tenants—attributes that enhance its funding appeal. As of the end of May, net asset value stood at AED 577 million, with a per‑unit NAV of AED 1.1229.
Industry analysts view the move as timely, citing the success of the Dubai Residential REIT IPO, which drew strong demand and could create a favourable backdrop for this offer. Experts highlight that the clear pricing and allocation structure reflect solid governance and disciplined fund management.
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