The real estate developer, Saman, is considering a public offering of 15% to 25% of its shares on the Dubai Financial Market, potentially by the end of 2026. This decision will depend on market conditions and investor interest, according to the company’s CEO, Imran Farooq.
Imran Farooq also mentioned that the company plans to issue sukuk worth $300 million (around 1.1 billion dirhams) by the end of the first quarter of next year. The proceeds from this sukuk issuance will be utilized to acquire land in prime locations along the waterfront, allowing the company to enhance its real estate portfolio.
He noted that Saman is working with Emirates NBD, Dubai Islamic Bank, and Standard Chartered Bank for the planned issuance, with a possibility of a fourth bank joining the initiative.
Farooq highlighted that the company is on track to conclude the year with sales reaching 7.1 billion dirhams ($1.9 billion), surpassing last year’s sales of 5.1 billion dirhams. This growth is attributed to a steady influx of European investors, as well as increased interest from buyers in Egypt, Lebanon, and Turkey.
The company is currently seeking approvals to construct 1,100 apartments in its World Islands project, where it owns six islands within an artificial archipelago designed to resemble a map of the world off the coast of Dubai.