Dar Al Arkan succeeds in the listing of its international arm, Dar Global on the London stock exchange with a valuation of 2,250,000,000 Saudi Riyals
RIYADH: Gulf – Tech
Dar Al Arkan succeeds in the listing of its international arm, Dar Global on the London stock exchange with a valuation of 2,250,000,000 Saudi Riyals
RIYADH: Gulf Tech
Dar Al Arkan today announced the admission of Dar Global PLC, 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.
Building on the legacy of Dar Al Arkan, the largest real estate company in Saudi Arabia and the region, Dar Global has embarked on a journey to establish a highly differentiated international real estate business predominantly focusing on developing projects comprising luxury second and vacation homes for its global clientele, in some of the most quintessential, handpicked locations across the Middle East and Europe, including downtown Dubai, Qatar, Oman, and London in addition to the Costa del Sol region in Southern Spain.
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.
Yousef Al Shelash, Chairman, Dar Al Arkan, commented on the milestone: “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.”
Dar Global was established in 2017 (originally as Dar Al Arkan Global Real Estate Development LLC) to upend the global luxury real estate market and develop the international assets of Dar Al Arkan Real Estate Development Company (“DAARE”), a leading real estate developer in the Kingdom of Saudi Arabia with a legacy spanning 28 years. The company will be steered by a highly experienced international executive team led by industry stalwarts like Ziad El Chaar as the Chief Executive Officer and David Hunter as the Independent Non-Executive Chair of the board of directors. Liberum Capital Limited acted as Capital Markets Adviser on the listing and Norton Rose Fulbright LLP acted as legal adviser on the listing.
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About Dar Al Arkan:
Dar Al Arkan is a 28-year-old real estate development company headquartered in Riyadh, Saudi Arabia, and listed on the Saudi Stock Exchange (Tadawul). The company is the largest developer in the Kingdom of Saudi Arabia focusing on developing elegantly designed residences and thriving commercial centres in central locations across the Kingdom. With a track-record of delivering 15,000 residential units and over 500,000 square metres of commercial space, Dar Al Arkan is fast-growing its portfolio across the Kingdom and expanding its international footprint in Middle East and Europe through its international real estate arm Dar Global.
www.daralarkan.com
www.darglobal.co.uk
