D
ubai's ruler is considering a plan to list its commercial and residential properties separately as part of the city's real estate boom. Dubai Holding, a conglomerate owned by the ruler, is weighing options to bundle its malls and other commercial assets into a listed entity. The company is also working on packaging its 40,000 residential units into a real estate investment trust (REIT), which could be listed on the emirate's bourse early next year.

    The REIT would follow Dubai Holding's recent rebranding of its residential portfolio after taking control of state-backed developers Nakheel and Meydan. Emirates NBD Capital is arranging the REIT, while Morgan Stanley and Citigroup Inc. are also involved in the deal. The commercial entity, meanwhile, is being worked on by HSBC Holdings Plc and JPMorgan Chase & Co.

    The listings would further Dubai's efforts to deepen its capital markets, which have been boosted by a boom in property prices driven by an influx of millionaires and business leaders. Home values in Dubai have risen for 17 straight quarters, while office leasing activity continues to surge. The emirate has already sold shares in multiple state-owned firms in the past couple of years, with private companies such as Spinneys 1961 Holding Plc listing in May.