Family-owned property developer Arabian Construction Company (ACC) reportedly enlisted HSBC and First Abu Dhabi Bank to advise on its upcoming IPO, Bloomberg reports, citing sources it says are familiar with the matter. The offering is said to hit the market as soon as 2H 2025, the sources said.

Refresher: The business information service reported in March that ACC was sounding out banks for the listing that is expected to reel in several hundred mn USDs. While there’s no publicly available information on either the size of the sale, or its timeline, Abu Dhabi-based firms usually choose ADX as their listing venue.

ACC has been firing on all cylinders, so expect strong demand: Real estate developer Omniyat earlier this month tapped ACC as the main contractor for its residential Vela and Vela Viento tower projects in Dubai’s Marasi Bay, while Dubai investment firm Shamal awarded the main works construction contract for its Baccarat Hotel and Residences Dubai project to ACC last month. In March, Dubai Holding Real Estate subsidiary Meraas awarded a AED 2 bn contract to ACC for the Design Quarter at d3, the first residential community in Dubai Design District.

More construction + real estate firms have been eyeing IPOs recently: Alec Engineering & Contracting is gearing up for a USD 500 mn Dubai listing, while Dubai Holding’s Dubai Residential REIT IPO was fully subscribed earlier this week, with the firm potentially eyeing a separate for its portfolio of commercial assets, and Sharjah-born Arada also has an IPO in the cards. The busy pipeline comes amid an ongoing real estate boom across the UAE, with Dubai, Abu Dhabi, and the northern Emirates all seeing a large increase in real estate transactions in 2024 and rising prices.

OTHER POTENTIAL LISTINGS TO LOOK OUT FOR:

  • ADQ-backed Etihad Airways had pushed its highly anticipated IPO to after Eid Al Fitr, but we haven’t heard anything yet;
  • Dubizzle and Property Finder are gauging investor appetite ahead of potential listings;
  • Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX;
  • Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary this year;
  • Hospitality group Five Holdings also tapped advisors for a potential listing;
  • Amanat Holdings is planning to list its education and healthcare units;
  • PIF-backed California firm CloudKitchens is reportedly eyeing an IPO in Saudi and/or the UAE for its Middle East unit, while Dubai-based grocery ecommerce platform Kibsons International plans to IPO in the next few years;
  • Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.
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