May 25, 2024

Dar Al Arkan’s Dubai Unit to be listed on London Stock Exchange

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Dar Al Arkan’s Dubai Unit to be listed on London Stock Exchange
Image taken from Dar Al Arkan website

Dar Al Arkan, one of Saudi Arabia’s largest real estate developers, after a thorough corporate rebranding strategy has christened itself as Dar Global Group. As part of a move to extend its business operations beyond UAE, the company plans to list its Dubai subsidiary not only on the London Stock Exchange (LSE), but also on the Official List of UK Financial Conduct Authority (FCA) to be governed as per its policies.

Before the listing, the parent company will divest a minority stake of nearly 12% of the equity interest in Dar Global by primary issuance of new ordinary shares via a private placement to competent investors. The new company will offer the shares, but Dar Al Arkan will have the 88% controlling stake in its favour.

With this listing, Dar Global will gain prominence as a subsidiary that will further the property development interests of the parent company, Dar Al Arkan. It will not only have a marketing office in the UK but also other countries such as China, Bosnia, Qatar, Oman, UAE, UK, and Spain.

The new company’s listing on the London Stock Exchange is widely expected to happen in Q1 2023, after the regulatory processes/procedures get complete and approvals given by the concerned governing authorities.

Source

For more information regarding real estate sector in Saudi Arabia please read the article on: Major Boost for Real Estate Sector in Saudi Arabia through Saudi industrial strategy

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