DIP Holding, a subsidiary of Dubai Investments, has announced a price range of Dhs1.10 to Dhs1.15 per share for its initial public offering (IPO) on the Dubai Financial Market (DFM), valuing the company at between Dhs9.5bn and Dhs10bn.

The offering will comprise 1,735,243,300 existing shares, representing 20 per cent of DIP Holding’s issued share capital, with a total offering size of approximately Dhs1.9bn to Dhs2bn.

All shares will be sold by Dubai Investments, which will receive the proceeds from the offering and retain an 80 per cent stake in DIP Holding following completion, assuming the offering size remains unchanged.

The subscription period opened on Tuesday, October 27, 2026, and will close on November 3 for all four tranches.

The final offer price is expected to be announced on November 4 following the completion of the book-building process, while trading on the DFM is scheduled to begin on or around November 11, subject to market conditions and regulatory approvals.

DIP Holding outlines dividend policy

DIP Holding expects to distribute annualised cash dividends of Dhs700m for 2026, Dhs725m for 2027 and Dhs750m for 2028, in accordance with its dividend policy.

The company intends to make semi-annual dividend payments, subject to board recommendations, shareholder approval and the availability of distributable reserves.

Its first post-IPO dividend of Dhs350m, covering the full second half of 2026, is expected to be paid in April 2027.

The company subsequently expects to distribute Dhs362.5m in October 2027 and a further Dhs362.5m in April 2028, covering the first and second halves of 2027, respectively.

Based on the anticipated annual dividend of Dhs725m for 2027, the IPO price range implies a dividend yield of approximately 7.27 per cent at the upper end and 7.60 per cent at the lower end.

For 2028, DIP Holding expects to distribute Dhs750m in two equal instalments of Dhs375m in October 2028 and April 2029.

From 2029 onwards, the company expects to maintain annualised dividends at or above the 2028 level.

IPO arrangements and advisers

Dubai Investments has reserved the right to amend the offering size or individual tranche allocations before the subscription period closes, subject to applicable regulations and approvals.

Both DIP Holding and Dubai Investments will be subject to a 180-day lock-up period following the company’s admission to trading, subject to customary exceptions.

The selling shareholder has appointed xCube as stabilisation manager, with 173,524,330 shares, representing 10 per cent of the offering, allocated as part of the normal allocation process.

Under the stabilisation arrangements, xCube may undertake market purchases at or below the final offer price during a period of up to 30 calendar days after trading begins, subject to applicable regulations.

The Internal Shariah Supervision Committees of Emirates NBD and Dubai Islamic Bank have issued pronouncements stating that, in their view, the offering complies with Shariah principles.

Citigroup Global Markets Limited, Emirates NBD Capital and HSBC Bank Middle East have been appointed as Joint Global Coordinators.

Abu Dhabi Commercial Bank, Arqaam Capital, Dubai Islamic Bank and EFG Hermes UAE have been appointed as Joint Bookrunners alongside the Joint Global Coordinators.

Al Mal Capital is serving as Financial Advisor, Emirates NBD Capital as Listing Advisor and Emirates NBD Bank as Lead Receiving Bank.

DP World has announced the appointment of Amer Abdulrahim Kazim and Iman Al Qasim as independent non-executive directors to its Board, with immediate effect.

The appointments bring additional expertise in finance, corporate governance, human capital and organisational transformation to the Dubai-based global logistics company’s board.

Amer Abdulrahim Kazim currently serves as group chief audit officer at Emirates NBD Group and has more than 27 years of experience across the banking, aviation, telecommunications and real estate sectors.

He previously served as chief financial officer at Emirates Integrated Telecommunications Company (du) and held senior positions at Emirates Group, Meraas and Dubai Airports.

Kazim also serves on the Audit Committee of Emirates Development Bank and is a member of the UAE Banking Federation Audit Committee.

Iman Al Qasim is executive vice president of Human Capital at Emirates Global Aluminium (EGA), bringing more than 20 years of experience in human capital management and organisational transformation.

She previously held senior leadership positions at Emirates National Oil Company (ENOC), Mubadala Investment Company, Dolphin Energy and General Motors Middle East.

Al Qasim also serves on the board of E7 Group.

Essa Kazim, group executive chairman of DP World, said: “I am pleased to welcome Mr Kazim and Ms Al Qasim to the Board. Their extensive experience and expertise across a range of industries will bring valuable perspectives to DP World as we continue to strengthen our governance and deliver on our long-term strategic objectives.”

UK-based OFG Education, backed by TPG’s The Rise Fund and Investcorp, has acquired Crown American Private School in Ajman, further expanding its presence in the UAE’s private education sector.

Dubai-based transaction advisory firm Ideal Capital Management Consultants acted as the exclusive sell-side adviser to the school’s shareholders, supporting the transaction from sale readiness and buyer engagement through to completion.

Crown American Private School, located in Ajman, follows an American K-12 curriculum. The acquisition forms part of OFG Education’s broader international expansion strategy and reflects continued interest from international education operators in the UAE market.

OFG Education is backed by TPG’s The Rise Fund and Investcorp. TPG ranked fourth globally for five-year private equity fundraising in the 2026 PEI 300 ranking.

Ajman’s private education sector

The transaction comes amid growth in Ajman’s private education sector.

According to the Ajman Statistics Center’s 2025 statistical book, private-school enrolment reached 88,437 students in the 2024–25 academic year, compared with 74,673 students in the previous year.

Ramesh Mahalingam, managing director of Ideal Capital, said: “The UAE’s education sector continues to attract interest from international operators looking to expand their presence in the region. For shareholders, transactions of this nature require careful consideration of the right strategic partner, the institution’s long-term direction and the objectives of the incoming owner. Our role is to guide shareholders through this process, bringing structure and clarity to complex decisions while helping them achieve an outcome aligned with their priorities.”

Ideal Capital advised the shareholders throughout the transaction process, including preparing the school for sale, engaging with potential buyers and supporting the completion of the acquisition.

The firm said education-sector transactions involve considerations beyond ownership transfers, including long-term institutional development, continuity for school communities and alignment between shareholders and prospective owners.

The financial terms of the acquisition were not disclosed.

Apple has acknowledged reports of cracked screens on its newly launched iPhone Duo, confirming that a small number of devices are affected and advising customers experiencing display problems to contact AppleCare for a replacement.

The response comes just days after Apple’s first foldable smartphone went on sale globally, including in the UAE, on October 23, with early buyers reporting cracks and display failures around the device’s central folding hinge.

According to Reuters, Apple confirmed the issue on Monday, October 26, following complaints shared on Reddit and other social media platforms over the weekend.

What Apple said about iPhone Duo screen issues

In a statement shared with 9to5Mac, Apple said the overall response to its foldable smartphone had been positive, while acknowledging problems affecting certain units.

“The response to iPhone Duo from early users has been incredibly positive, and we are seeing exciting things from developers who are rapidly updating their apps to take advantage of its unique form factor,” Apple said.

“We are aware of an issue impacting the inner display on a small number of iPhone Duo units. If users experience issues with their iPhone Duo display, they should contact AppleCare for a replacement.”

The company indicated that affected devices tend to develop display problems relatively quickly after use.

However, Apple has not disclosed the number of affected units, identified the underlying cause or confirmed whether a hardware modification is being planned.

iPhone Duo users report cracks near folding hinge

The issue emerged shortly after the iPhone Duo’s launch, when several users began sharing photographs and videos of damaged internal displays on Reddit and X.

Some customers reported cracks developing along the central hinge after only a few hours of use, while others described unusual resistance or popping sounds when opening the device.

Several affected screens displayed similar damage patterns, including cracks along the folding mechanism and horizontal lines of bright pixels.

According to MacRumors, some customers have already received replacement devices at Apple retail stores, although limited stock availability has resulted in delays for others.

Businesses subject to the UAE’s e-invoicing system with annual revenues of Dhs50m or more must appoint an accredited service provider by October 30, 2026, the Federal Tax Authority (FTA) said, warning of penalties for missing implementation deadlines.

Those businesses must implement the system by January 1, 2027. The authority urged affected entities to complete preparations ahead of the deadlines, including selecting a provider, signing a contract, integrating their systems and following the required procedures on its EmaraTax platform.

An administrative penalty of Dhs5,000 applies for each month or part of a month of delay in implementing the system, including failure to appoint an accredited service provider within the prescribed deadline, the FTA said.

For persons subject to the system with annual revenues below Dhs50m, the deadline to appoint an accredited service provider is March 31, 2027. They must implement e-invoicing no later than July 1, 2027.

The system is intended to simplify, standardise and automate invoicing processes, the authority said.

Its readiness was tested during a pilot phase that assessed integration procedures, user experience and the preparedness of relevant parties ahead of mandatory implementation.

The FTA said it had adopted flexible implementation mechanisms and streamlined procedures to support business continuity. It is also holding in-person and virtual awareness sessions covering the categories required to comply, implementation conditions, connection procedures and activation through EmaraTax.

At a joint meeting in Dubai in September, accredited service providers, companies and other entities subject to the system met FTA officials and experts to discuss implementation requirements.

The meeting allowed participants to identify potential service providers and receive guidance on the legal framework and the process for joining the system, the authority said.

The FTA urged affected persons to review the requirements, legislation, procedures and guidance available on its website.