Saudi Arabia's biggest property developer Dar Al Arkan plans to list its Dubai unit in the UK in the first quarter of this year.
The initial public offering plans follow a corporate reorganisation of the subsidiary, as it seeks further international expansion.
The proposed listing of Dar Al Arkan Real Estate Development, which was renamed Dar Global Group, is subject to approvals by the UK Financial Conduct Authority (FCA) and the London Stock Exchange (LSE) and the disclosure of an FCA-approved prospectus, Dar Al Arkan said in a filing to the Tadawul stock exchange.
Prior to the listing, Dar Al Arkan Real Estate Development will divest a minority stake of about 12 per cent of its equity interest in Dar Global through a primary issuance of new ordinary shares by the new British company to qualified investors in a private placement, it said.
Dar Al Arkan will retain the remaining 88 per cent controlling interest.
Following the listing, Dar Global will be the UK holding company of the group’s international property development interests and marketing offices in the UK, Spain, UAE, Oman, Qatar, Bosnia and China, according to the bourse filing.
"Subject to the completion of the private placement and obtaining the required UK regulatory approvals, the listing is expected to occur in Q1 2023," the parent company said.
The move comes after Dar Al Arkan said in a separate filing on November 6 that it is exploring "several strategic and capital markets options" for its Dubai unit that may include a listing of the business on an international stock exchange.
Later that month, the Riyadh-based company said it 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 developing the $4 billion mixed-use Aida real estate project in the Omani capital.
Dar Al Arkan, the largest developer in Saudi Arabia, focuses on developing luxury residences and commercial centres in key locations across the kingdom. The company 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 and is currently building three residential projects in Dubai — Dar Al Arkan Pagani Tower near the Dubai Canal, Urban Oasis by Missoni and W Residences in Downtown Dubai. 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 Covid-19-induced slowdown.
In December 2021, the company outlined plans to expand globally with new projects in Europe, China and GCC countries to boost growth.
Saudi Arabia, the Arab world’s largest economy, is focused on diversifying its economy away from oil as part of its Vision 2030 programme, and part of this strategy includes the development of megaprojects across the kingdom.
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened. He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia. Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”. Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
German plea
Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe.
"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.
Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.
"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Company Profile
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
The Written World: How Literature Shaped History
Martin Puchner
Granta
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti withCoastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
