Saudi Dar Al Arkan’s global arm will be listed on LSE on February 28

Dar Global, the luxury international real estate developer, is expected to list on London Stock Exchange (LSE) on February 28.

The company confirmed that its prospectus in relation to the admission has been approved by the Financial Conduct Authority (FCA) on Thursday.

“It is expected that ordinary shares in Dar Global will be admitted to the Standard listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the LSE with effect from 08:00 a.m. GMT on 28 February 2023,” Dar Global said.

Dar Global, which is the international arm of Saudi Arabian real estate developer Dar Al Arkan, plans to  directly list in LSE’s main market at a valuation of about $600 million.

The developer focuses on developing real estate projects comprising second homes for internationally mobile customers, in locations across the Middle East and Europe, including downtown Dubai, Muscat and the Costa del Sol region in Southern Spain.

In February 2023, Dar Global completed a private placement by issuing 21,621,612 ordinary shares at a price of $3.33 per share to certain institutional and other investors to raise $72 million gross proceeds, the company said in a statement.

Following the private placement Dar Al Arkan Real Estate Development Company (DAARE) retained a majority shareholding equivalent to 88% in Dar Global. 

According to a statement, the international developer has a current portfolio of eleven premium projects. Four projects are located in Dubai, three in Spain and one each in Oman, Qatar, Bosnia and the UK.

The group also intends to expand its focus to hospitality assets in the near future. The aim is to acquire or build hotels  and sell them after a period of three to five years of operation once the hotels’ or resorts’ revenue streams stabilise, according to its prospectus.

While Liberum Capital Limited acted as Capital Markets Adviser on the listing, Norton Rose Fulbright acted as legal adviser on the listing.

(Reporting by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@lseg.com)