部分有意支持 DIP Holding Plc 在迪拜上市的投资者要求该公司降低估值预期，并使交易条件更具吸引力，以应对地缘政治不确定时期的影响。
Some investors looking to back DIP Holding Plc’s Dubai listing have asked the firm to temper its valuation expectations and make the deal even more attractive during a period of geopolitical uncertainty.
这将是伊朗战争爆发以来阿拉伯联合酋长国的首次首次公开募股（IPO），且已通过承诺在未来三年支付 5.92 亿美元股息而变得更具吸引力。据知情人士透露，部分银行提出的估值区间为 110 亿迪拉姆（约 30 亿美元）至 140 亿迪拉姆，这是在任何 IPO 折扣之前的估值。
The initial public offering would be the United Arab Emirates’ first since the Iran war began and has already been sweetened by an offer to pay dividends worth $592 million over the next three years. Some banks are pitching valuations of 11 billion dirhams ($3 billion) to 14 billion dirhams before any IPO discount, according to people familiar with the matter.
区间上限意味着 5% 的股息收益率，与受益于稳定收入流的收费公路运营商 Salik Co. 和停车平台 Parkin Co. 相当，而下限则更接近迪拜住宅房地产投资信托基金（Dubai Residential REIT）。
The top end would imply a dividend yield of 5%, comparable to toll operator Salik Co. and parking platform Parkin Co. that benefit from a steady stream of revenue, while the lower end is closer to Dubai Residential REIT.
知情人士称，部分投资者要求更高的派息，以匹配开发商 Emaar Properties PJSC 9% 的收益率，他们因讨论机密信息而拒绝透露姓名。
Some investors have called for higher payouts in line with developer Emaar Properties PJSC’s 9% yield, people familiar with the matter said, declining to be identified discussing confidential information.
另一些人则认为，DIP 的防御性业务特征和可预测的租金收入可以证明较低收益率的合理性。该公司拥有物流、工业、住宅和商业资产，租户通常签署长期租约。
Others argue that DIP’s defensive profile and predictable rental income could justify a lower yield. The firm owns logistics, industrial, residential and commercial assets, with tenants typically on long-term leases.
伊朗战争现已进入第八个月，也在打压市场情绪。部分知情人士表示，担心冲突可能在下个月美国中期选举后重燃，这加剧了忧虑。磋商仍在进行中，估值尚未做出最终决定。
The Iran war, now in its eighth month, is also weighing on sentiment. Fears that hostilities could resume after next month’s US midterm elections have added to concerns, some of the people said. Deliberations are ongoing and no final decisions have been made on the valuation.
DIP 唯一股东 Dubai Investments PJSC 的副主席兼首席执行官 Khalid bin Kalban 表示，公司“肯定会考虑”在银行估算的公允价值基础上给予折扣，以提高股息收益率，但拒绝将公司与 Emaar 等企业相提并论。
Khalid bin Kalban, vice chairman and chief executive officer of Dubai Investments PJSC, DIP’s sole shareholder, said the firm will “be definitely looking” at a discount to the fair value that banks have estimated to increase the dividend yield, but rejected comparisons with firms like Emaar.
“它们受市场需求和周期性影响，”他对彭博新闻社表示。对于迪拜投资园（DIP）而言，“没有资本支出”，维护费用由租赁服务费覆盖，这使得该交易更像是一笔基础设施交易。
“They are subject to market demand and cyclicality,” he told Bloomberg News. For DIP, “there is no capital expenditure” and maintenance is covered by the tenancy service charges, making the transaction more like an infrastructure deal.
迪拜投资园原本计划在第一季度上市，但因战争爆发而推迟了这些计划，宾·阿尔班表示，目前情况已更加明朗。他称，迪拜投资公司最早可能于明年让其他投资组合公司上市。
DIP had been eyeing a listing in the first quarter but postponed those plans after war broke out, Bin Alban said, adding that the situation was clearer now. Dubai Investments could list other portfolio companies as early as next year, he said.
该公司此前已将阿联酋玻璃有限责任公司（Emirates Glass LLC）和区域制冷供应商Emicool有限责任公司列为潜在首次公开募股（IPO）候选者。此类交易将提振地区资本市场，因为近年来该地区上市放缓。
The firm has previously earmarked Emirates Glass LLC and district cooling provider Emicool LLC as potential IPO candidates. Such deals would bolster regional capital markets, where listings have slowed in recent years.
即使在战争爆发前，许多投资者就已开始对海湾地区各地的高估值提出质疑，而今年上市量现已跌至撒哈拉以南非洲地区以下。
Many investors had started to push back on lofty valuations across the Gulf even before the war began and listing volumes for the year have now fallen below sub-Saharan Africa.
自冲突2月爆发以来，该地区股市普遍下跌，阿曼是唯一例外，迪拜基准指数下跌约10%。一些投资者认为，这在地区股票中创造了有吸引力的买入机会，意味着迪拜投资园将不得不让其IPO更具吸引力。
Stocks across the region have declined since the conflict started in February, with Oman the only exception, while Dubai’s benchmark is down about 10%. That has created attractive buying opportunities across regional stocks, meaning DIP will have to make its IPO even more enticing, some investors have argued.
该公司预计2026年将支付年化股息7亿迪拉姆，此后两年每年将增加2500万迪拉姆。迪拜投资公司计划在该交易中出售20%股份，认购将于10月27日开始。预计11月11日开始交易。
The company expects to pay annualized dividends of 700 million dirhams in 2026, an amount that’s set to rise by 25 million each over the following two years. Dubai Investments plans to sell a 20% stake in the deal, with subscriptions starting Oct. 27. Trading is expected to begin Nov. 11.
迪拜投资园拥有迪拜投资公园，这是一个建立于1997年、占地2300公顷（8.9平方英里）的混合用途开发项目，包含仓库、酒店、商店、学校和医疗中心。宾·卡尔班同时也是迪拜投资园主席。
DIP owns Dubai Investments Park, a 2,300-hectare (8.9-square-mile) mixed-use development established in 1997 that includes warehouses, hotels, shops, schools and medical centers. Bin Kalban is also chairman of DIP.