Saudi Arabia's biggest property developer Dar Al Arkan has listed its global unit Dar Global on the main market of the London Stock Exchange, as it seeks to expand its investor base.
Following the listing, the company was valued at 2.25 billion Saudi riyals ($613 million), it said in a statement on Thursday.
The initial public offering follows a corporate reorganisation of the subsidiary, as it seeks further international expansion.
The listing makes Dar Al Arkan among the few home-grown brands from Saudi Arabia to list on the LSE, the statement said.
“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,” said Yousef Al Shelash, chairman of Dar Al Arkan.
Dar Global was established in 2017 to develop the company's international assets.
The company, which focuses on developing projects comprising luxury second and holiday homes, currently has 11 premium projects in six countries. Three of its developments, including Urban Oasis, the Da Vinci Tower in Dubai and Sidra in Bosnia, are set to be completed in the fourth quarter of this year.
Dar Global, which has collaborations with luxury brands including Missoni, W Hotels, Versace, Elie Saab, Automobili Pagani and Automobili Lamborghini, also has an “extensive” pipeline, Dar Al Arkan said.
Dar Al Arkan, the largest developer in Saudi Arabia, has delivered 15,000 residential units, more than 500,000 square metres of commercial space and is expanding in its home market, the wider Middle East and Europe.
The company has more than $8.53 billion worth of assets.
In November, the Riyadh-based company said it had teamed up with The Trump Organisation for the development of a resort that will include residential villas, a hotel and a golf course in Muscat.
The Trump Resort will be located at Aida, a 100-metre-high hilltop development situated directly by the sea.
Dar Al Arkan and the Oman Tourism Development Company, better known as Omran, are also developing a $4 billion mixed-use Aida real estate project in the Omani capital.
It is also planning to start a new residential project in Abu Dhabi next year, as the UAE's property market bounces back from the pandemic-induced slowdown.
Liberum Capital Limited acted as capital markets adviser on the listing and Norton Rose Fulbright acted as legal adviser.
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