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Dar Al Arkan subsidiary completes $600m London listing

tower, gulf Dar Global
The Da Vinci Tower in Dubai, one of Dar Global's 11 projects currently under construction, is due to be completed by the end of of this year
  • Dar Global is one of the first Saudi brands to list in the UK
  • Company invests in luxury second and holiday homes for global clients
  • Dar Al Arkan is listed on the Tadawul stock exchange

Saudi Arabian real estate firm Dar Al Arkan’s independent global subsidiary has completed a listing on the main market of the London Stock Exchange (LSE), with a valuation of SAR 2.26 billion ($600 million).

Dar Global has been admitted to the ‘standard segment’ of the official list of the UK’s Financial Conduct Authority as part of the listing.

It has become one of the first homegrown Saudi brands to directly list on the LSE, rather than via a secondary listing or on the exchange’s Alternative Investment Market.

With more than $8 billion of assets, Dar Al Arkan is one of the largest real estate companies in the kingdom. It is listed on Saudi Arabia’s Tadawul stock exchange.

Dar Global is responsible for developing projects outside the kingdom, focusing on luxury second homes and holiday homes in locations across the Middle East, Europe and the UK.

It often collaborates with global luxury brands including Missoni, W Hotels, Versace and Automobili Pagani on bespoke residential projects and has 11 schemes under construction in six countries. These include Urban Oasis and the Da Vinci Tower in Dubai, and Sidra in Bosnia.

“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,” said Yousef Al Shelash, chairman of Dar Al Arkan.

In January, prior to the listing, Dar Global – at the time called Dar Al Arkan Real Estate Development – said it would divest a minority stake of about 12 percent of its equity interest in Dar Global through a primary issuance of shares in a new British holding company to qualified investors in a private placement.

Dar Al Arkan was to retain the remaining 88 percent controlling interest, it said.