Saudi builder Dar Al Arkan Real Estate Development Company has announced plans to sell 30 percent of a subsidiary in an initial public offering (IPO).
The company said in a statement that its board of directors has appointed Samba Capital & Investment Management Company as a financial advisor for the IPO of Dar Al Arkan Properties Company.
The construction giant added that it plans to file the offering application to the Capital Market Authority to obtain the necessary approvals.
Dar Al Arkan Properties Company is fully owned by Dar Al Arkan Real Estate Development Company and its main business is property management and leasing holding income producing assets worth of SR2.6 billion in cities across the kingdom.
Based in Riyadh, Dar Al Arkan is the largest listed real estate company in the Saudi stock market.
In June, the former managing director of Damac Properties was appointed CEO of Dar Al-Arkan Real Estate Development Company.
Last month, the company announced its plans to expand to global markets, selecting Dubai as the launchpad with an AED800 million ($217.8 million) development on the Dubai Water Canal.
The company said it has partnered with luxury brand, Roberto Cavalli, to design the interiors of the 34-storey waterfront skyscraper. Construction is set to start this month.
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