The investment firm, Dubai Holding said on Monday it will raise the size of residential REIT’s initial public offering to 15 per cent of issued unit capital, up from the earlier plan of 12.5 per cent.

One of the largest landowners and real estate developers in the UAE, the company is offering a stake in its REIT at a price ranging from Dh1.07 to Dh1.10 per unit.

Read-Dubai Residential REIT sets IPO price range, eyes up to Dhs1.79bn raise

Based on revised offering size, it is seeking to raise up to Dh2.15bn ($585.45m), the company said.

That range values the REIT at up to $3.9bn.

The Gulf’s business and tourism hub, Dubai has experienced a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms.

The government has made significant effort to reduce debt, strengthen property market regulations, and merge major state-owned real estate firms to avoid the pitfalls of previous boom and bust cycles in the sector.

Despite a robust pipeline of possible listings, Dubai Residential REIT will be the emirate’s first since Talabat in December, and only the second in the United Arab Emirates this year.

The institutional book-building subscription period for the IPO will close on May 20, according to the company, with trading set to begin on or around May 28.

Dubai’s Roads and Transport Authority (RTA) continues its drive to expand the use of smart systems and artificial intelligence in the public bus service, enhancing the overall efficiency of the emirate’s mass transit network.

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This was highlighted in a statement by Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Dubai’s RTA, according to a WAM report.

Public Bus: Service coverage and daily trips

The integration of AI and smart systems has improved operational performance, reduced costs, enhanced adherence to schedules, and increased customer satisfaction. Currently, the bus service covers about 88 per cent of the emirate. A fleet of 1,390 buses completes 11,000 daily trips, covering approximately 333,000 kilometres.

Why should residents use public transport in Dubai?

RTA remains committed to enhancing the public bus system to encourage residents to choose public transport for their daily commutes. The authority aims to strengthen connectivity between residential, commercial, and industrial areas by integrating the bus network with the Dubai Metro. Buses serve as vital links to other transport modes, including the metro, tram, and taxis.

RTA’s plan for dedicated bus and taxi lanes

This year, the RTA will expand its dedicated bus and taxi lanes by adding six new lanes spanning 13 kilometres. With this addition, the total length of dedicated lanes will reach 20 kilometres. The expansion is expected to increase passenger numbers by 10 per cent, improve bus arrival times by 42 per cent, reduce journey times by 41 per cent, promote greater public transport usage, and help alleviate traffic congestion.

In numbers: Public bus scenario in Dubai

In 2024, the number of public bus users reached 188 million, marking an 8 per cent increase compared to 2023. The current fleet of 1,390 buses operates across 187 routes, including 110 urban and rural routes, 64 metro link routes, 13 intercity routes, and seasonal services to destinations such as Global Village. These buses make 11,000 trips daily, cover more than 333,000 kilometres, and transport over 500,000 riders each day. The on-time arrival rate exceeds 77 per cent.

Reviews of bus service routes

The RTA conducts regular reviews of bus routes using operational data and passenger feedback. Last year, it introduced nine express routes, nine new metro link routes, and four taxi routes in high-demand areas. The activation of a bus priority system at key intersections also improved arrival times by up to 12 per cent.

New generation of bus stations

In recent years, RTA has launched a new generation of bus stations that feature modern designs and advanced engineering solutions to support high-quality transport services. These stations meet integration standards, improve connectivity, and ensure convenient, safe access for pedestrians and cyclists. They are also designed to be inclusive, with dedicated features for People of Determination.

How bus stations improve connectivity

The upgraded stations also enhance connectivity between transport hubs, development areas, and surrounding neighbourhoods. This includes addressing first- and last-mile travel needs and integrating key elements such as bus stops, cycling lanes, pedestrian crossings, landscaping, and bike racks—encouraging more walking and personal mobility.

Eco-friendly, accessible buses

RTA operates a modern fleet of buses that comply with European low-carbon emission standards (Euro 6). These buses offer spacious seating, advanced safety features, and user-friendly designs for optimal comfort and accessibility. Low-entry designs and designated spaces for People of Determination ensure ease of use for all passengers.

Mass transit system

Dubai’s mass transit system is characterised by its multi-modal integration, forming the backbone of daily transport for residents. This interconnected network has reshaped the city’s mobility culture, encouraging greater adoption of public transport across all demographics.

RTA’s strategic plans focus on expanding road networks, crossings, and the entire mass transit infrastructure—covering metro, tram, buses, marine transport, first- and last-mile solutions, and shared mobility options.

Efforts are also underway to enhance pedestrian and cycling facilities, improve connectivity, and optimise traffic and transport management systems to boost the efficiency of both road and public transit services.

Policies to reduce private vehicle dependence

Policies have been implemented to reduce reliance on private vehicles by promoting public transport and shared mobility solutions as sustainable, efficient alternatives.

United Carton Industries Company (UCIC), the Middle East and North Africa’s largest corrugated carton manufacturer, announced the successful completion of its retail subscription period, with the tranche oversubscribed 8.91 times and participation from 396,601 individual investors.

The retail offering, comprising up to 2.4 million shares or 20 per cent of the total 12 million shares on offer, concluded on May 13.

The company said the total demand reached SAR1.069bn (approx. $285m).

United Carton Industries IPO: Offer price set at SAR50 per share

Each subscriber will receive a minimum of six shares, with the remaining shares allocated on a pro-rata basis.

The average allocation factor for additional shares was 0.107 per cent.

The final offer price was set at SAR50 per share — the top of the previously announced price range — implying a market capitalisation of SAR2bn ($533m) at the time of listing.

The 12 million shares represent 30 per cent of UCIC’s total issued share capital. The offering marks a significant step for the company as it looks to expand its profile in the regional capital markets.

Read: 54 IPOs raised $12.6bn in 2024 in MENA region, shows report