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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Dar Al Arkan lists international arm on London stock exchange

New milestone: Partnership of Dar Al Arkan and Omran Group is developing ‘AIDA’, a premium mixed-use development in Yiti in Muscat Governorate
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MUSCAT: Leading Saudi real estate developer Dar Al Arkan announced on Friday the admission of Dar Global PLC, its independent international development subsidiary, to the Standard Segment of the Official List of the FCA and to the Main Market of the London Stock Exchange. The official direct listing on the London Stock Exchange makes Dar Al Arkan one of the first Saudi homegrown brands to list on the London stock exchange.


Building on the legacy of Dar Al Arkan, the largest real estate company in Saudi Arabia and the region, Dar Global has embarked on a journey to establish a highly differentiated international real estate business predominantly focusing on developing projects comprising luxury second and vacation homes for its global clientele, in some of the most quintessential, handpicked locations across the Middle East and Europe, including downtown Dubai, Qatar, Oman, and London in addition to the Costa del Sol region in Southern Spain.


In the Sultanate of Oman, Oman Tourism Development Company (Omran Group) - the executive arm of the Sultanate for tourism development, has tied up with Dar Al Arkan to develop ‘AIDA’ a premium, mixed-use project nestled within the masterplan of Yiti Integrated Tourism Development. The value of the investment in the project from both parties will reach $1.5 billion, and it will be developed in three phases on an area of 3.5 million square metres.


Through the partnership, Dar Al Arkan will develop a mixed-use project in Yiti and Yankat areas, 20-minutes from Downtown Muscat, a paradise with a distinctive terrain where the earthy atmosphere envelops as part of a large master development, situated 100m above the shores and overlooking of the Sea of Oman in Muscat, comprising of 3,500 residential units of medium-sized villas, townhouses, and low-rise apartments. A place where two charming hotels of 450 rooms, a plaza filled with cafes and restaurants, a gated promenade with luxury retail and other amenities.


Yousef al Shelash, Chairman, Dar Al Arkan, commented on the milestone: “This is an extremely proud moment for us. After pioneering a distinct approach to development in the Kingdom’s real estate sector, we believe it is time further to diversify the group’s offerings across international communities with Dar Global. London is the ideal venue as Dar Global looks to access a larger pool of investors and partners to support its expansion ambitions in the global luxury real estate landscape. We thank the Ministry of Investment in Saudi Arabia for facilitating and supporting our global expansion and assisting us in spreading the brand of Saudi Arabia globally.”


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