DFM-listed conglomerate Dubai Investments is looking to take four of its subsidiaries public as part of a broader divestment strategy to maximize shareholder returns, Khalid bin Kalban, vice chairman and CEO of the state-backed firm, told The National. While details on the subsidiaries, the timeline, and the listing venue remain under wraps, the company is actively pitching its portfolio to financial advisers, who are evaluating potential candidates for the IPO pipeline.

Discussions with regulators are also underway: “We have looked at a couple [of companies] … we talked to the local authorities with [regards to] our intention to IPO,” he said. “The discussion is going on now [around] what multiples we are going to get and what value we are going to get for our divestments.”

The rationale? “I am not a believer in big assets and big companies. I believe in [an] efficient company, the right size and [one creating] good return for our shareholders,” Bin Kalban said. “I like to reach a maximum of AED 25 bn, and then start offloading some of the companies, or exiting from some of the companies,” he added.

Who are the candidates? Dubai Investments’ portfolio includes Dubai Investments Park, Properties Investment, Al Mal Capital, Dubai Investment Real Estate, Emirates Building Systems,Globalpharma, and utility company Emicool, among others.

The company has big expansion plans, with a construction portfolio worth AED 2 bn and plans to add AED 1 bn this year through expansions in Abu Dhabi, Dubai and Saudi Arabia. The company’s total assets exceeded AED 22 bn as of 3Q 2024, operating across multiple sectors including real estate, building materials and construction, education, and financial services.

Market reax: Dubai Investments’ shares inched down 0.02% to AED 2.17 apiece on yesterday’s close.

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