https://arab.news/4htyn
RIYADH: Saudi Arabia real estate giant Dar Al Arkan Development Co. expects to list its international development subsidiary Dar Global on London Stock Exchange on Tuesday, Feb. 28.
This will make Dar Al Arkan one of the first Saudi international brands to list on the London Stock Exchange with a valuation of SR2.25 billion ($600 million).
The London Stock Exchange has been a key partner to the Middle East in its efforts to integrate the region’s domestic capital markets and economies with the world, according to the London Stock Exchange's official website.
“In the spirit of building partnerships and fuelling the evolution of capital markets in the Middle East, the London Stock Exchange Group has supported the Kingdom of Saudi Arabia in achieving a key pillar of its Vision 2030,” the website added.
Founded in 1994, Dar Al Arkan is one of the largest real estate companies in the Kingdom. It has successfully admitted Dar Global to the Standard Segment of the Official List of the Financial Conduct Authority, and to the main market of the London Stock Exchange.
Since its establishment in 2017, Dar Global has offered international real estate projects by focusing on developing units across the Middle East and Europe including countries like Qatar, Oman, London, and Spain.
“This is an extremely proud moment for us. After pioneering a distinct approach to development in the Kingdom’s real estate sector, we believe it is time to further diversify the group’s offerings across international communities with Dar Global,” Yousef Al-Shelash, Dar Al Arkan chairman, said in a statement.
The company also collaborates with global brands including Missoni, W Hotels, Versace, Elie Saab, Automobili Pagani and Automobili Lamborghini.
“London is the ideal venue as Dar Global looks to access a larger pool of investors and partners to support its expansion ambitions in the global luxury real estate landscape. We thank the Ministry of Investment in Saudi Arabia for facilitating and supporting our global expansion and assisting us in spreading the brand of Saudi Arabia globally,” Al-Shelash added.
The company currently has 11 development projects underway in six different countries, including Urban Oasis and the Da Vinci Tower in Dubai and Sidra in Bosnia, which is set to be completed by the final quarter of 2023.