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.
New schools in Dubai
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
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The specs: 2019 Cadillac XT4
Price, base: Dh145,000
Engine: 2.0-litre turbocharged in-line four-cylinder engine
Transmission: Nine-speed automatic
Power: 237hp @ 5,000rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 8.7L / 100km
The%20specs
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
CRICKET%20WORLD%20CUP%20QUALIFIER%2C%20ZIMBABWE%20
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The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
