Dubai's Samana Developers to launch IPO next year, offload around 20% stake

Dubai property firm Samana Developers plans to launch an initial public offering (IPO) next year and offload around 20 per cent of its shares, its chief executive said.

In an interview with Khaleej Times, Imran Farooq revealed that the developer plans to raise funds through a $300 million (Dh1.1 billion) sukuk to expand its land bank in Dubai.

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“We're getting ready for the IPO journey, and the first step is that we'll be raising $300 million through Sukuk at the end of the first quarter of 2026. We have engaged Standard Chartered, Dubai Islamic Bank, and Emirates NBD as lead banks. Then we will move to IPO towards the end of 2026 and aim to list on the Dubai Financial Market (DFM). The aim is to sell around 20 per cent of equity,” Farooq added.

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He added that the company’s valuation is not yet decided, but the target is close to Dh20 billion.

Samana Developers is one of the top Dubai private developers that has benefited a lot from the real estate boom witnessed during the post-pandemic period. It currently commands four per cent market share of the Dubai property market.

Rating

The Dubai property market has rallied over the past five years, thanks to an inflow of more expatriates into the emirate as well as high-net-worth individuals pumping billions of dirhams into the real estate market to take advantage of the rally. As a result, property prices and rents have risen significantly across Dubai, more than doubling in some of the communities since 2020.

Importantly, the UAE’s IPO market has also been very active as many public and private sector entities took this route to raise funds for their expansion.

According to the EY Mena IPO Eye Q3 2025 report, the outlook for the regional IPOs remains strong, with 19 companies and funds across various sectors intending to list on the region’s exchanges.

Moreover, Samana CEO Imran Farooq, added that a ratings agency has been appointed, which will issue its report in the next six to eight weeks. “The process has begun. After the successful Sukuk, the final advising bank would advise on the IPO,” he said.

• Dubai

Waheed Abbas

waheedabbas@khaleejtimes.com

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.