Dubai Holding, through its subsidiary DHAM REIT Management, on Monday announced the price range and opened the subscription period for the initial public offering (IPO) of Dubai Residential REIT on the Dubai Financial Market (DFM), with a planned listing on May 28.

The offer price range has been set between Dhs1.07 and Dhs1.10 per unit, implying a market capitalisation of between Dhs13.9bn and Dhs14.3bn.

The REIT, a Shariah-compliant closed-ended income-generating fund, is expected to become the GCC’s largest listed REIT at the time of listing.

Dubai Residential REIT: Details

Dubai Residential REIT is offering 1.625bn units, representing 12.5 per cent of its issued capital.

The offering comprises two tranches: 10 per cent allocated to retail investors in the UAE and 90 per cent to qualified institutional investors. The IPO subscription window opens today and will close on May 20.

The final offer price will be announced on May 21 following a book-building process.

The offering is expected to raise between Dhs1.739bn and Dhs1.788bn.

The REIT anticipates paying at least Dhs 1.1bn in dividends for 2025, with a targeted dividend distribution of 80 per cent of profit before fair value changes in investment properties starting 2026.

The price range implies a gross dividend yield of 7.9 per cent at the low end and 7.7 per cent at the high end for 2025.

REIT portfolio in Dubai

The REIT, which owns and operates over 35,700 residential units across 21 communities in Dubai, including Bluewaters and City Walk, had a gross asset value of Dhs21.63bn at the time of the announcement.

The IPO is supported by Joint Global Coordinators and Bookrunners Citigroup, Emirates NBD Capital, and Morgan Stanley, with Emirates NBD Bank as Lead Receiving Bank. Other receiving banks include ADCB, FAB, Mashreq, ADIB, and CBD.

xCube LLC, a DFM-authorised price stabilisation manager, will manage post-listing stabilisation transactions. Dubai Residential REIT and the selling unit holder, DHAM Investments, are subject to a 180-day lock-up period.

The REIT’s Shariah compliance has been certified by both its internal Shariah Supervisory Committee and that of Emirates NBD.

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Retailer Spinneys has reported strong results for the first quarter of 2025, delivering a 11.3 per cent year-on-year rise in revenue to Dhs906.5m, up from Dhs815m in Q1 2024.

The group’s net profit for the period rose to Dhs85.2m, compared to Dhs74.7m a year earlier. Profit before tax jumped 23 per cent to Dhs101.9m, driven by revenue growth and operational efficiency gains.

UAE operations remained the core revenue engine, contributing Dhs864.2m in sales. Oman generated Dhs23.1m in revenue, while operations in Saudi Arabia and sourcing markets accounted for the rest. The UAE segment also delivered Dhs107.7m in profit before tax, underscoring its dominant role in the group’s earnings.

Spinneys saw a healthy uptick in gross profit, which climbed to Dhs374.7m in Q1 2025 from Dhs335.6m a year earlier. The group maintained robust cash generation, with net cash from operating activities reaching Dhs189.6m. This supported a 28 per cent increase in cash and cash equivalents, which stood at Dhs242.6m at the end of March.

“We have carried the momentum we built in 2024 into 2025, and this is evident in our Q1 results,” said Sunil Kumar, CEO of Spinneys.

“The continued execution of our growth strategy has again resulted in exceptionally strong financial performance.”

Kumar added that the opening of three new stores in Dubai during the quarter demonstrates “there is still a significant white space opportunity available to us, even where our footprint is strongest.”

The company declared a final dividend of Dhs100.8m for FY2024, approved in March and paid out in April 2025.

Selling, general and administrative (SG&A) expenses rose to Dhs198.6m, up from Dhs187.8m in Q1 2024, with higher premises and distribution costs contributing to the increase.

Meanwhile, the group booked a tax expense of Dhs16.7m — up from Dhs8m last year — as it factored in the UAE’s newly implemented 9 per cent corporate tax and a global minimum top-up tax of Dhs6.5m in line with OECD Pillar Two rules.

On the investment front, Spinneys spent Dhs21.7m on property, plant and equipment during the quarter, signalling ongoing expansion and modernisation. The retailer currently operates supermarkets in the UAE, Oman, and Saudi Arabia, with its DFM listing completed in May 2024 following an IPO of 900 million shares, amounting to 25 per cent of its share capital at the time.

Salik Company PJSC (“Salik” or the “Company”), Dubai’s exclusive toll gate operator, today announced its financial results for the three-month period ended March 31, 2025 (“Q1 2025”). Total revenue for the first quarter of 2025 grew by 33.7 per cent year-on-year to reach Dh751.6m.

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EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the first quarter increased 37.9 per cent year-on-year to Dh519.6m. In Salik’s core tolling business, total chargeable trips reached 158.0m following the introduction of variable pricing at the end of January 2025 and the launch of two new toll gates in November 2024, a Dubai Media Office report said.

Strategic commentary

Mattar Al Tayer, Chairman of the Board of Directors of Salik, said: “Our exceptional Q1 performance reflects a continued focus on delivering long-term value to shareholders and our ambition to become a global leader in providing smart and sustainable mobility solutions. Dubai’s robust economic growth – driven by the visionary leadership of the emirate – has played a key role in fueling our positive momentum and creating a strong foundation for long-term sustainable growth.

We are pleased to build on the growth momentum we achieved in 2024, with robust top and bottom-line performance across both the core tolling business and our growing ancillary revenue streams, which continue to gain traction. We expect total revenue to grow 28–29 per cent by the end of 2024 driven by the launch of operations in geographies outside of Dubai and the exploration of new partnerships to further enhance user experience and support both short and long-term earnings growth.”

“We’ve entered 2025 with strong momentum, with our core tolling business continuing to thrive, bolstered by the opening of two new toll gates in late 2024. We have also maintained progress in our ancillary revenue streams, with both the Dubai Mall and Parkonic parking partnerships seeing good traction with users in the first quarter. Total chargeable trips, accounting for the new variable pricing, reached 158m, with total revenue growth exceeding 30 per cent.

Profitability is also robust, with EBITDA growth of more than 35 per cent, delivering an industry-leading EBITDA margin of 69.1 per cent. A healthy first quarter positions us well for the year ahead, and we are pleased to reiterate our full-year guidance, with total revenue expected to grow 28–29 per cent, and an EBITDA margin of 68–69 per cent as we continue to strengthen our non-core offering while tapping new opportunities,” Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, commented.

Core tolling business

The total number of trips, including discounted trips, made through Salik’s toll gates grew 35.1 per cent year-on-year in Q1 2025, driven mainly by the introduction of two new toll gates which became operational in November 2024. The strong growth was further supported by Dubai’s continued attraction of tourists and residents, growth in commercial activities, the implementation of structural reforms, and strategic, targeted investment to drive economic diversification.

• Total chargeable trips reached 158.0m in Q1 2025. Of these, 39.3 million occurred during the peak period (Dh6), and 107.5 million during the off-peak period (Dh4). Additionally, 11.2m trips were made past midnight (Dh 0).
• Toll usage fees: Revenue grew 35.5 per cent year-on-year to Dh665.6m, due to new pricing and gates.
• Fines: Revenue rose 16.2 per cent year-on-year to Dh 68.4m. Net violations reached about 786,000, accounting for 0.4 per cent of net toll traffic.
• Tag activation fees: Up 17.4 per cent to Dh 11.5m, making up 1.5 per cent of total Q1 revenue.

Ancillary revenue streams

• Revenue from parking partnerships (Emaar Malls and Parkonic) totaled Dh2.8m. Dubai Mall saw strong user engagement, and Parkonic integration continues into Q2 2025.
• The partnership with Liva Group contributed Dh0.5m through streamlined vehicle insurance renewal services.
• Salik continues to expand its ancillary streams, building on 2024 milestones like the e-wallet integration across 107 UAE parking locations and new mobility solutions.

Financial performance

Strong profitability in Q1 2025, with EBITDA increasing 37.9 per cent year-on-year, and a robust balance sheet

• EBITDA: Dh519.6m, up from Dh 376.9m in Q1 2024. EBITDA margin rose to 69.1 per cent from 67.1 per cent.
• Net profit before tax: Dh407.2m, up 33.6 per cent year-on-year.
• Net profit after tax: Dh370.6m, also up 33.7 per cent year-on-year.

Balance sheet and cash flow

• Net debt: Dh4,648.8m, down 10.6 per cent from year-end 2024. Leverage stood at 2.7x Net Debt to EBITDA.
• Free cash flow: Dh626.7m in Q1 2025, up 77.8 per cent year-on-year, with a margin of 83.4 per cent.

Strategy and expansion

Implementation of variable pricing

As instructed by the RTA, Salik introduced variable pricing on January 31, 2025, to improve traffic flow and efficiency.

New toll gates

Business Bay and Al Safa South gates began operations in November 2024. Their combined valuation is Dh 2.734bn, payable in instalments over six years.

Ancillary partnerships and innovations

• Dubai Mall parking: Salik’s barrier-free payment launched on July 1, 2024.
• Parkonic: 5-year partnership to integrate e-wallet at 107+ locations.
• Liva Insurance: Partnership offers simplified renewals and customer notifications.
• Customised Salik tags: New initiative allowing corporate clients to personalize tags.

Additional milestones

• ENOC MoU: Integration of smart payments for fuel and services via Salik’s e-wallet.
• Workforce growth: Headcount up 29 per cent year-on-year, with Emiratization at 29.6 per cent and female workforce at 20.4 per cent.

Business Outlook

FY25 total revenue guidance remains unchanged

• Revenue: Expected to grow 28–29 per cent year-on-year, with 4–5 per cent growth excluding new gates.
• EBITDA margin: Projected at 68–69 per cent.

Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with Crypto.com, a globally recognised cryptocurrency trading platform. This partnership aims to enable the payment of government service fees using cryptocurrencies—marking a significant step in advancing digital finance on a global scale, according to a WAM report.

Signing of the Memorandum of Understanding

The MoU was signed in the presence of Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF.

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The agreement was formalised by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, President of Crypto.com UAE. Crypto.com is licensed by Dubai’s Virtual Assets Regulatory Authority (VARA).

The signing took place on the sidelines of DOF and Crypto.com’s participation in the Dubai FinTech Summit, which opened today at the Dubai International Financial Centre. The agreement represents a key milestone in Dubai’s digital finance journey.

Supporting the Dubai Cashless Strategy

The partnership supports the implementation of the Dubai Cashless Strategy by enabling secure, efficient, and inclusive financial transactions through cryptocurrencies. It paves the way for Dubai’s transition to a fully digital, cashless society, empowering the Government of Dubai to introduce a new digital payment channel across official platforms.

This initiative will enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai’s position as a global hub for financial innovation.

Abdulla Mohammed Al Basti stated that adopting secure cryptocurrency solutions within government payment systems reflects a proactive approach to addressing future needs and responding to global economic shifts.

“Dubai continues to advance through coordinated efforts across government entities and key sectors to meet and exceed the expectations of individuals, businesses, and the wider community. As a global leader in digital transformation, the emirate is further solidifying its status by deploying secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services,” Al Basti added.

Strategic financial innovation

Abdulrahman Saleh Al Saleh emphasised DOF’s commitment to driving the Cashless Strategy and supporting Dubai’s digital financial future.

“The MoU with Crypto.com is pivotal in accelerating the strategy’s objectives—aligning with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance Dubai’s global standing in digital payments. We will continue collaborating with government entities and leading financial service providers to develop innovative solutions that support the digital economy,” he said.

Dubai’s vision for a cashless society

Eric Anziani, President and COO of Crypto.com, praised the Dubai Government’s vision:

“We are honoured to support Dubai’s Department of Finance in implementing the first comprehensive, government-wide digitisation of payments. Dubai’s leadership continues to set a global benchmark for economic innovation through initiatives like these.”

Ahmad Ali Meftah reaffirmed DOF’s commitment to adopting cutting-edge financial technologies to realise Dubai’s ambition of becoming a global digital payments hub.

Driving economic transformation

“Public-private collaboration is key to this transformation. We are actively building a regulatory framework that balances innovation with the highest standards of security and efficiency. This boosts public trust in government services and unlocks new avenues for economic growth,” Meftah noted.

Mohammed Al Hakim, President of Crypto.com UAE, added: “This partnership represents a significant leap forward for digital finance, integrating cryptocurrency into government payment systems. As part of the D33 agenda, we’re honoured to support Dubai’s efforts to transform its economic model and lead the way in sustainable digital diversification.”

Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, said: “The Dubai Cashless Strategy targets conducting over 90 per cent of all financial transactions through cashless methods by 2026. This agreement with a globally renowned cryptocurrency platform is groundbreaking—it allows government service users to pay fees via digital currencies, an unprecedented step in the global financial landscape.”

Economic impact of the cashless strategy

The Dubai Cashless Strategy is expected to contribute at least Dh8bn annually to the local economy. This will be driven by the expansion of innovative financial services and the growth of Dubai’s fintech sector.

Once technical arrangements are completed, individual and business users will be able to pay government service fees via Crypto.com’s digital wallets. Payments will be converted into Emirati dirhams and transferred to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment process.

Saudi Arabia’s Public Investment Fund (PIF) has launched HUMAIN, a new wholly owned company that will operate and invest across the artificial intelligence (AI) value chain as part of the kingdom’s ambitious push to become a global hub for AI and digital innovation.

The announcement was made by Crown Prince Mohammed bin Salman, who also serves as Prime Minister and Chairman of the PIF Board of Directors. HUMAIN will function as a unified operating company, offering a wide range of AI services, products, and tools, including next-generation data centres, AI infrastructure and cloud solutions, as well as advanced AI models.

According to a PIF statement, HUMAIN will develop one of the world’s most powerful multimodal Arabic large language models (LLMs) and provide localised, regional, and global AI capabilities.

The company aims to enhance human potential and unlock new opportunities across the digital economy.

HUMAIN to streamline data centre initiatives

“The launch of HUMAIN marks a major milestone in the kingdom’s AI strategy,” the statement said. “The company will streamline national data centre initiatives, procure AI hardware, and accelerate the adoption of emerging technologies across strategic sectors including energy, healthcare, manufacturing and financial services.”

The initiative supports PIF’s broader strategy to diversify Saudi Arabia’s economy and build a globally competitive digital ecosystem. The Global AI Index 2024 recently ranked Saudi Arabia as the world’s leader in terms of government AI strategy.

Saudi Arabia’s geographic location — at the crossroads of three continents — combined with strong economic growth prospects and a tech-savvy youth population, positions the kingdom as a natural hub for large-scale data processing and AI development, PIF said.

PIF and its portfolio companies have already been investing in building AI infrastructure and forming international partnerships in the field. HUMAIN will further these efforts by fostering local innovation, enabling the creation of proprietary technology and intellectual property, and attracting top talent from around the world.

The company is expected to play a central role in helping Saudi Arabia achieve its national AI aspirations and establish itself as a global AI powerhouse.