As Dubai’s property market continues to soar at one of the fastest paces in the world, Samana Developers, one of the city’s most active mid-sized real estate groups, is preparing a series of major financial moves — including a Sukuk issuance and a potential initial public offering (IPO) — to capitalize on unprecedented investor demand.
The timing coincides with Dubai’s renewed real estate renaissance, fueled by record population growth, robust foreign investment, and a sustained influx of high-net-worth individuals relocating to the emirate. At the same time, the global economic landscape — including the United Kingdom’s upcoming budget and fiscal adjustments — may further enhance the city’s appeal to international capital seeking stable, tax-efficient opportunities.
Samana’s Next Phase: Tapping Capital Markets
According to people familiar with the matter, Samana Developers is in the early stages of structuring a Shariah-compliant Sukuk (Islamic bond) to raise funds for its expanding project pipeline. The issuance, expected in 2026, would make Samana one of the first mid-tier private developers in Dubai to tap regional debt markets amid renewed investor appetite for real estate-backed Islamic instruments.
“We see a clear opportunity to diversify our capital structure as Dubai’s property cycle enters a more mature, growth-driven phase,” said Imran Farooq, CEO of Samana Developers, in an interview. “The Sukuk will help us strengthen liquidity, support upcoming launches, and prepare for a potential IPO in the near future.”
Samana has already confirmed it is in preliminary discussions with several Gulf-based investment banks and Islamic finance advisers to structure the deal, which could be valued between $150 million and $200 million, depending on market conditions.
In parallel, the company is weighing a listing on the Dubai Financial Market (DFM), following a wave of successful IPOs in the UAE over the past two years that attracted strong oversubscription from both regional and global investors.
Dubai’s Property Boom Shows No Signs of Cooling
The backdrop for Samana’s financing ambitions is Dubai’s red-hot housing market, which continues to defy global economic headwinds. According to data from Knight Frank and CBRE, residential prices in Dubai rose nearly 20% year-on-year in 2025, marking the third consecutive year of double-digit gains.
Luxury developments, particularly in areas such as Palm Jumeirah, Dubai Hills, and Jumeirah Village Circle — where Samana has multiple ongoing projects — have seen record sales and robust off-plan demand.
“We are witnessing sustained demand from international buyers — particularly from the UK, Europe, and Asia,” said Farooq. “These investors are looking for yield stability and capital appreciation, and Dubai continues to outperform.”
Much of this demand has been driven by favorable fiscal conditions, a stable dirham-dollar peg, and an increasingly liberal foreign ownership regime. Meanwhile, residential rental yields in Dubai average around 7%, compared to 3–4% in London or Singapore, making it one of the world’s most attractive real estate investment destinations.
A UK Budget Tailwind for Dubai’s Luxury Market
Interestingly, analysts suggest that Dubai’s luxury property boom may get a further boost from fiscal policy shifts in the United Kingdom. The upcoming UK budget, expected to include higher property and wealth taxation for affluent households, could accelerate capital flight from London to Dubai.
“Every time the UK government tightens high-net-worth taxation, Dubai benefits,” said Sanjay Bhatia, a London-based property advisor specializing in cross-border investment. “British and European investors are increasingly looking to relocate wealth to jurisdictions with stronger returns and lower tax exposure — and Dubai remains at the top of that list.”
The UAE’s 0% income tax regime, combined with robust regulatory frameworks such as the Dubai Land Department’s Escrow Law, have reinforced investor confidence. Property transactions in the emirate hit a record AED 580 billion ($158 billion) in 2024 — a 17% increase from the year before.
Sukuk Momentum and Islamic Finance Expansion
Samana’s planned Sukuk also reflects the broader momentum of Islamic finance in the Gulf region. Sukuk issuance in the Middle East surpassed $80 billion in 2024, with the UAE emerging as one of the fastest-growing hubs for Shariah-compliant capital markets.
“Real estate developers are recognizing Sukuk as a powerful instrument for growth,” said Hussain Al Jaziri, a Dubai-based partner at Baker McKenzie. “It aligns with investor preferences for asset-backed, ethical finance while opening access to institutional liquidity.”
Samana’s issuance could help pave the way for other private-sector property developers to explore similar routes, expanding access to capital beyond traditional bank loans.
IPO Outlook: Riding Dubai’s Listing Wave
Following a string of high-profile government and private listings — including DEWA, Parkin, and Salik — Dubai’s equity markets have seen record inflows of foreign capital. Samana’s potential IPO, analysts say, would likely attract both retail and institutional investors given the developer’s strong growth trajectory and its exposure to the mid-luxury segment.
“Investor sentiment for real estate-linked equities remains strong,” said Fatima Al Hashimi, head of research at Emirates NBD Securities. “Samana’s consistent delivery record and branding strength could make it one of the more compelling candidates among upcoming private-sector IPOs.”
The IPO could help Samana expand its land bank, accelerate development in Dubai South and Arjan, and strengthen its regional footprint with new projects in Saudi Arabia and Oman.
From Boutique Developer to Institutional Player
Founded in 2015, Samana Developers began as a boutique player but has rapidly scaled into a mid-tier powerhouse with more than AED 12 billion ($3.3 billion) worth of active projects. The company is known for its resort-style residential communities, innovative payment plans, and customer-first approach.
Its focus on lifestyle-driven projects has helped it carve out a distinctive niche among Dubai’s new wave of developers catering to millennial and expat investors seeking long-term rental income.
“Our goal is sustainable growth, not just expansion,” Farooq said. “By embracing capital markets, we’re positioning Samana for the next decade of Dubai’s transformation.”
The Road Ahead
With a booming property market, global investor interest, and an increasingly sophisticated capital landscape, Dubai is entering a new era of financial maturity — one in which private developers like Samana are taking center stage.
The planned Sukuk issuance and IPO signal not only confidence in Dubai’s property fundamentals but also the growing alignment between real estate and capital market innovation.
If executed successfully, Samana’s dual strategy could establish a model for mid-sized developers across the Gulf — bridging real estate growth with Islamic finance and public market access in one of the world’s most dynamic economies.
“Dubai has always been a market of bold moves,” said Al Hashimi. “Samana’s plans show that the next phase of growth will be as much about financial innovation as construction.”
Samana Developers’ twin strategy — tapping the Sukuk market and exploring an IPO — reflects the next stage of Dubai’s real estate evolution. As global investors seek alternatives amid tightening fiscal conditions in Western economies, the emirate’s booming property sector continues to stand as a beacon of resilience, liquidity, and opportunity.
