Dar Al Arkan nominates advisor, mentions will file application to market regulator
Dar Al Arkan reported its ideas to extend to global markets, selecting Dubai as the launchpad with a $217.8 million development on the Dubai Water Canal.
Saudi builder Dar Al Arkan Real Estate Development Company has reported ideas to vend 30 percent of a subsidiary in an Initial public offering (IPO).
The company mentioned in a statement that its board of directors has chosen Samba Capital & Investment Management Company as a financial advisor for the IPO of Dar Al Arkan Properties Company.
The development giant mentioned that it has ideas to file the offering application to the Capital Market Authority to get the required consents.
Dar Al Arkan Properties Company is completely owned by Dar Al Arkan Real Estate Development Company and its key business is property management and leading holding income making assets worth of SR2.6 billion in cities throughout the kingdom.
Based in Riyadh, Dar Al Arkan is the greatest listed real estate company in the Saudi stock market.
In June, the former managing director of Damac Properties was chosen CEO of Dar Al-Arkan Real Estate Development Company.
Previous month, the company reported its ideas to extend to global markets, choosing Dubai as the launchpad with an AED800 million ($217.8 million) development on the Dubai Water Canal.
The company stated that it has partnership with luxury brand, Roberto Cavalli, to design the interiors of the 34-storey waterfront skyscraper. Development is set to begin this month.
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