Norton Rose Fulbright advises Dar Global PLC on London Stock Exchange listing

Norton Rose Fulbright advises Dar Global PLC on London Stock Exchange listing

A cross border team from the firm’s London and Dubai offices advised the Dubai-based real estate development company, which is the independent international arm of Saudi listed Dar Al Arkan Real Estate Development Company (Dar Al Arkan), on its direct listing and admission to the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange.

Dar Global was formed as a platform for international growth and an independently listed vehicle to house the international assets of Dar Al Arkan, one of the largest listed real estate developers in Saudi Arabia with a market capitalisation of c.US$4bn and total assets of c. US$8.5bn. It was established to take advantage of the growing second home markets in internationally recognised luxury locations in Europe and the Middle East, including downtown Dubai, Muscat in Oman, Costa del Sol in Spain, Central London and others.

Dar Al Arkan remains the majority shareholder of Dar Global after the listing, holding 88 percent of its share capital on admission.

The transaction involved a complex corporate reorganisation of the international assets of the Dar Al Arkan group; entry into detailed separation and relationship arrangements between the company and Dar Al Arkan as