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, Saudi Arabia, Feb. 26, 2023 /PRNewswire/ -- 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 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, London and the Costa del Sol region in Southern Spain.
While building a robust portfolio, the company collaborates with global luxury brands, including Missoni, W Hotels, Versace, Elie Saab, Automobili Pagani, and Automobili Lamborghini.
Along with an extensive pipeline, Dar Global currently has eleven premium projects in six different countries, with three of its developments, 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 and 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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