Samana Developers, a prominent Dubai property firm, is gearing up for an initial public offering (IPO) next year, planning to release about 20% of its shares, according to its CEO.
Speaking to Khaleej Times, CEO Imran Farooq disclosed plans to raise $300 million (Dh1.1 billion) through a sukuk to expand the company’s land holdings in Dubai.
“We’re preparing for the IPO process, starting with a $300 million sukuk issuance by the end of Q1 2026. We’ve partnered with Standard Chartered, Dubai Islamic Bank, and Emirates NBD as lead banks. The IPO is set for late 2026, with a goal to list on the Dubai Financial Market (DFM),” Farooq stated.
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He mentioned that while the company’s valuation is yet to be finalized, it targets around Dh20 billion.
Imran Farooq
Samana Developers is among Dubai’s leading private developers, significantly benefiting from the post-pandemic real estate surge, holding a 4% market share.
Market Surge
Dubai’s property market has thrived over the last five years, with an influx of expatriates and wealthy individuals investing billions into real estate, causing property prices and rents to more than double since 2020 in some areas.
The UAE’s IPO market is also bustling, with numerous entities pursuing public listings to fund expansions.
The EY Mena IPO Eye Q3 2025 report suggests a strong outlook for regional IPOs, with 19 companies and funds planning to list.
Additionally, CEO Imran Farooq announced the appointment of a ratings agency, which will release its report within six to eight weeks. “The process is underway. Post-sukuk success, the advising bank will guide the IPO,” he said.
