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Saudi-based Dar Al Arkan Real Estate Development Co. intends to list its Dubai business on the London Stock Exchange’s Main Market, following a corporate rebranding.
The proposed listing of Dubai-based Dar Al-Arkan Real Estate Development--now renamed Dar Global-- will involve a corporate re-organisation of Dar Global company and is subject to FCA and London Stock Exchange approvals and the disclosure of an FCA-approved prospectus, Dar Al Arkan said in a regulatory disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.
Before the listing, Dar Al Arkan will divest a minority stake of approximately 12% of its equity interest in Dar Global through the primary issuance of new ordinary shares by the new British company to qualified investors via a private placement. Dar Al Arkan will retain an 88% controlling stake in the new company.
Following the listing, Dar Global will be the UK holding company of the Group’s international property development interests and marketing offices in the United Kingdom, Spain, UAE, Oman, Qatar, Bosnia and China, the statement said.
The listing is expected to take place in Q1 2023, once the private placement process is complete and the regulatory approvals are obtained.
Dar Al Arkan's construction of The W Residences Dubai – Downtown is estimated to be completed by December 2025. Its portfolio includes Dar Al Arkan Pagani Tower and Urban Oasis, according to the company website.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
