Dubai: The Saudi mega-developer Dar Al Arkan is to list its Dubai-headquartered company overseeing international operations on the London Stock Exchange sometime during Q1-2023.
The entity, Dar Al-Arkan Real Estate Development, had been one of the first to get back into offplan launch mode in Dubai last year and has since expanded its base to Qatar, Oman and elsewhere, with signature luxury-themed projects.
Approvals for the UK listing are awaited and will see a ‘corporate reorganisation’ of the Dubai-based entity. Dar Al-Arkan Real Estate Development will be renamed ‘Dar Global’. Ahead of the listing, around 12 per cent of Dar Global will be offered through new ordinary shares to qualified investors via a private placement. Dar Al Arkan will retain the remaining 88 per cent.
The timing of the float would suggest the Saudi company’s subsidiary would likely continue to launch more offplan in Dubai, feeding off the continued demand for luxury homes in the city from international investors. The launch of sales in Qatar – with a project on the Pearl island – was equally well-timed, as global attention was building up to a peak for the FIFA World Cup.
And in Oman, the company lined up an alliance with former US President Donald Trump for a $4 billion mountain-top project in the capital Muscat.
All of which builds on what Dar Al Arkan has going within its home market. The developer has had a 'tremendous 2022 and plans to kick-off 2023 with continued enthusiasm," said Vijay Valecha, Chief Investment Officer at Century Financial. "In 2022, the company initiated a range of projects and partnerships towards a strategic expansion – regionally and internationally.
"The upcoming listing in London will attract international investors and enable scaling up operations. Dar Global is expected to oversee international property development in the UK, Spain, UAE, Oman, Qatar, Bosnia and China. This sets the stage for continuous momentum."