Saudi firm Dar Al Arkan plans to list its Dubai affiliate on the London Stock Exchange in the first quarter of 2023

Dubai division in the UK in the first quarter of 2023. Following a corporate reorganization, the subsidiary now intends to launch an initial public offering (IPO) in order to raise capital for further worldwide expansion. 

In a filing with the Tadawul stock exchange, Dar Al Arkan Real Estate Development claimed that the company intends to register on the London Stock Exchange (LSE) after upgrading from Dar Al Arkan Real Estate Development to Dar Global Group, pending clearance from the UK Financial Conduct Authority (FCA) and LSE.

It also states that Dar Al Arkan Real Estate Development will sell a minority holding of around 12% of its equity investment in Dar Global through a primary issuance of fresh share capital by the new British company to market participants in a private placement prior to the listing.  For the remaining 88%, Dar Al Arkan will stay in control.

According to the filing, after the listing, Dar Global will serve as the UK holding company for the group’s international property development activities and sales operations in the UK, Spain, UAE, Oman, Qatar, Bosnia, and China.

“Subject to the completion of the private placement and obtaining the required UK regulatory approvals, the listing is expected to occur in Q1 2023,” the parent company said.

Following a separate filing on November 6, Dar Al Arkan has taken this step to consider “several strategic and capital markets options” for its Dubai branch. One of these is the possibility of listing the business on an international stock exchange.

Later that same month, the firm announced its partnership with The Trump Organisation to build a resort in Muscat, complete with villas for residential use, a hotel, and a golf course.

The Trump Resort will be built atop Aida, a 100-meter-high hilltop community that sits right on the beach’s edge. The mixed-use Aida real estate project in the Omani capital is being developed by Dar Al Arkan and the Oman Tourism Development Company, also known as Omran, at the cost of $4 billion.

The largest Saudi Arabian developer, Dar Al Arkan, constructs high-end homes and shopping malls in strategic areas across the country. To date, the firm has completed over 15,000 homes and over 500,000 square feet of commercial space, and it continues to grow in its native Middle Eastern market as well as in Europe.

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