Samana Developers gears up for its maiden sukuk issuance + eyes an IPO in 2026

Dubai-based Samana Developers is planning a 2026 IPO as well as a sukuk issuance as the Dubai property boom continues to spur activity among the emirate’s real estate developers. Samana claims to hold around a 4% share of Dubai’s property market.

The developer plans to issue a sukuk worth around USD 300 mn by the end of 1Q 2026, CEO Imran Farooq told Bloomberg in an interview. Emirates NBD, Dubai Islamic Bank, and Standard Chartered are advising on the transaction, Farooq said, adding that a fourth bank might be added.

Samana would be joining other players that tapped the market this year including Sobha Realty which closed the largest green sukuk issuance by a real estate company globally, raising USD 750 mn in September, and Sharjah-based real estate developer Arada, which issued a USD 450 mn sukuk in July.

Proceeds will be used to acquire prime and waterfront land, supporting Samana’s expansion of its ultra-luxury residential portfolio, Farooq said.

Samana is on track to close 2025 with AED 7.1 bn (USD 1.9 bn) in sales, up from AED 5.1 bn in 2024, driven by European buyers and investors from Egypt, Lebanon, and Turkey, Farooq said. The developer is seeking approvals for 1.1k apartments on The World Islands, where it owns six islands in the iconic man-made archipelago.

Samana is also weighing a Dubai stock exchange (DFM) listing, with plans to offer 15-25% of the company in an IPO by end-2026, Farooq said. Binghatti, Arabian Construction, and Arada are among other private developers exploring IPOs. Alec Holding, a Dubai-based construction firm, also made its debut on the DFM last month, though it’s currently trading just below its AED 1.4 IPO price at AED 1.39.

ALSO IN THE IPO PIPELINE-

• Amanat Holding’s Riyadh-based education arm Almasar Education is guiding on a price range of SAR 18.5-19.5 for its Tadawul IPO ;
• Hookah brand Al Fakher’s parent firm Advanced Inhalation Rituals is planning a US listing on Nasdaq in 1H 2026;
• Dubai Investments plans to list 25% of Dubai Investments Park;
• Emirates Global Aluminium could be reviving plans for a potential IPO that could rank among the region’s largest;
• ADQ-backed Etihad Airways highly-anticipated IPO could be delayed to 2026 ;
• Dubai Holding plans to float two of its property portfolio units;
• Abu Dhabi Investment Group is eyeing listings for its financial unit and energy subsidiary this year;
• Hospitality group Five Holdings also tapped advisors for a potential listing.