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Saudi developer Dar Al Arkan plans to list its Dubai subsidiary

By Pramod Kumar
REUTERS/Faisal Al Nasser
The developer is considering several strategic and capital markets options for its international property business in Dubai

Saudi-listed Dar Al Arkan Real Estate Development Company plans to list its Dubai subsidiary on an international stock exchange.

In a statement published on the Saudi Exchange (Tadawul), the developer said it was considering several strategic and capital markets options for its international property business in Dubai, which may include listing.

The developer recently completed the kingdom’s first 3D construction printed (3DCP) villa. The two-storey, 9.9 metre-high villa is located in the Shams Al Riyadh residential development. 

In August, Ziad El Chaar, vice chairman of Dar Al Arkan Real Estate Development, told AGBI that the company is forecasting a 15 to 20 percent rise in costs in the next 12 months because all the materials that are imported are impacted by the price of transportation.

Dar Al Arkan has reported a net profit of SAR 92.6 million ($24.69 million) in the second quarter of 2022, compared to SAR 22.4 million in the year earlier, on the back of higher property sales. The developer has not yet announced its third-quarter 2022 results.

The EY Mena IPO Eye report said the Mena region witnessed a 288 percent year-on-year increase in the number of companies listing between January and September, raising $14.7 billion in total – up 550 percent on the same period last year.

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