Saudi developer DarGlobal plans London listing

A Saudi real estate business is spinning out its international luxury development operations in London’s first main market listing this year. The new company, DarGlobal, will raise $72m through a direct listing on the main market of the London Stock Exchange, which is expected to value the business at about $600m. A direct listing will allow the company’s existing private backers to sell shares to the public and trade on the exchange rather than issue new stock. Ziad El Chaar, chief executive at DarGlobal, said: “London is the best location for us as we look to access new capital and build our global visibility with development and luxury brand partners.” DarGlobal develops second homes in the likes of Dubai, Muscat in Oman, and the Costa del Sol in Spain. It will hold the international assets of Dar Al Arkan Real Estate, a listed developer in Saudi Arabia. DAARE has built more than 15,000 residential units valued at $8.5bn. After the direct listing, DAARE will retain a majority shareholding of about 88 per cent in DarGlobal, with the remainder sold to institutional investors. According to Dealogic data, there have been no main market listings so far in 2023, and only one in the junior AIM market. The FT (£)