Dar Al Arkan's international arm announces successful London listing
RIYADH, February 23, 2023
Leading Saudi developer Dar Al Arkan today (February 23) announced the admission of Dar Global, its independent international development subsidiary, to the Standard Segment of the Official List of the FCA and to the Main Market of the London Stock Exchange.
The official direct listing on the London Stock Exchange makes Dar Al Arkan one of the first Saudi homegrown brands to list on the London stock exchange.
Dar Global was formed as a platform for international growth and an independently listed vehicle to house the international assets of Dar Al Arkan, one of the largest listed real estate developers in Saudi Arabia with a market capitalisation of $4 billion and total assets of $8.5 billion.
It was established to take advantage of the growing second home markets in internationally recognised luxury locations in Europe and the Middle East, including downtown Dubai, Muscat in Oman, Costa del Sol in Spain and Central London.
Dar Al Arkan remains the majority shareholder of Dar Global after the listing, holding 88% of its share capital on admission.
While building a robust portfolio, the company also collaborates with global luxury brands, including Missoni, W Hotels, Versace, Elie Saab, Automobili Pagani, and Automobili Lamborghini. Every Dar Global offering will be bold and sophisticated, modelled by renowned design icons, and maintained by experts within the field, boosting all things bespoke.
Along with an extensive pipeline, the company currently has eleven premium projects in six different countries, with three of its developments, including Urban Oasis, the Da Vinci Tower in Dubai, and Sidra in Bosnia, set to be completed in Q4 2023.
On the key milestone Dar Al Arkan Chairman Yousef Al Shelash said: "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 further to diversify the group’s offerings across international communities with Dar Global."
"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," he added.
Dar Global was established in 2017 to upend the global luxury real estate market and develop the international assets of Dar Al Arkan Real Estate Development Company (DAARE).
The company will be steered by a highly experienced international executive team led by industry stalwarts like its CEO Ziad El Chaar and David Hunter as the Independent Non-Executive Chair of the board of directors.
Liberum Capital Limited acted as capital markets advisor on the listing, while Norton Rose Fulbright was legal advisor.
Norton Rose Fulbright said its cross border team from London and Dubai office advised Dar Global on its direct listing and admission to the Official List of the Financial Conduct Authority and to trading on the main market of the LSE.
"We are delighted to have been able to support our client on its direct listing, which is the largest listing in London so far this year and was executed in challenging market conditions," stated its Partner Fiona Millington.
In addition to her, the counsel Alexander Green and US securities partner Thomas Vita in London, and senior corporate partner Zubair Mir and counsel Shahrzad Askarpour in Dubai were involved in the transaction.-TradeArabia News Service
