The Saudi Arabia-based real estate developers Dar Al Arkan is going to sell 30% of Dar Al Arkan Properties Company, one of its subsidiaries which provides property management services and owns 720 billion dollars’ worth of assets in the Saudi Arabian kingdom, in an initial public offering (IPO).
The company announced that it is going to file the application of the offer to the Saudi Arabian Capital Market Authority to gain their approvals and it has appointed Samba Capital and Investment Management as the IPO’s financial adviser. The subsidiary company owns 720 billion dollars’ worth assets across the cities of Kingdom of Saudi Arabia.
Through this IPO, Dar Al Arkan aims to join the big names in the real estate market in the region which took the same step in the last year. This marks a strong return of the public offerings after
It is worth mentioning that Dar Al Arkan has launched its international portfolio last December through I Love Florence, its new $218 million worth residential tower that is going to comprise 34 stories in downtown Dubai in the UAE in partnership with Roberto Cavalli.