Dubai’s equity markets, quiet for much of last year, may be preparing for a sharper soundtrack in 2026 — the clang of opening bells and the shuffle of fresh prospectuses.
At the front of the queue is Dubai Investments Park (DIP), the sprawling mixed-use development that has long functioned as a self-contained city within the city. Market insiders suggest DIP could move swiftly after Eid Al Fitr, potentially offering up to a quarter of its business to public investors. Early conversations with major banks and institutional buyers are already under way. Valuations being floated hover near AED 12 billion ($3.3 billion), positioning the listing as one of the more closely watched real estate offerings in recent memory.
DIP may not be alone. A commercial subsidiary of Dubai Holding is also said to be weighing a market debut this year, adding to expectations that Dubai’s exchange could regain some of the tempo it lost in 2025.
Elsewhere in the UAE, heavyweight industrial player Emirates Global Aluminium (EGA) appears increasingly likely to test investor appetite. As the country’s largest non-oil industrial company and one of the world’s significant aluminium producers, its flotation would carry symbolic weight. Questions remain over whether it would choose Dubai or Abu Dhabi for its listing — a decision complicated by its equal ownership between Mubadala and the Investment Corporation of Dubai. Bankers are already in dialogue with prospective investors.
Abu Dhabi-based Arabian Construction Company is also exploring a possible IPO, further thickening the pipeline.
The renewed buzz follows a subdued 2025. Regional markets felt the chill of volatility and geopolitical tensions, leading to thinner deal flow and cautious pricing. Across the GCC, just 42 IPOs were completed — the weakest tally in four years. Total proceeds fell to $5.8 billion, down sharply from $12.9 billion the year before.
Still, there were bright spots. Dubai Residential REIT pulled in $584 million on the Dubai Financial Market, underscoring persistent appetite for property-linked assets. Alec Holding staged the largest construction-sector IPO in UAE history, raising AED 1.4 billion ($381 million). In contrast, Dubizzle abruptly shelved its DFM debut on the eve of book-building, highlighting how quickly sentiment can shift. Abu Dhabi saw only one listing last year, with technology services firm Alpha Data raising $163 million.
Looking ahead, investment managers point to a swelling regional pipeline — roughly 73 companies across the GCC are said to be preparing for potential offerings. Bankers expect the first half of 2026 to outpace the final stretch of last year, provided markets remain steady.
If DIP does step forward after Eid, it may not just be another real estate listing. It could mark the reopening of Dubai’s IPO season — a signal that the emirate’s capital markets are ready to trade hesitation for momentum once again.
