Dar Al-Arkan property arm to hold more retail assets: CEO

Retail properties will make up over half of the estimated SAR2.6 billion ($715 million) asset base of Dar Al-Arkan Properties, which is expected to be listed on Tadawul this year, Zawya reported, citing Dar Al-Arkan Real Estate Development’s CEO Ziad El Chaar.  

“Some of the retail component will consist of built assets,” El Chaar said, adding that the company is planning to include its planned retail projects in Jeddah and Riyadh into the listing vehicle.

The company’s "introductory list" of assets is still subject to final approval, the CEO said, declining to give a timeline for the publication date for the new prospectus, or for the probable date of listing the property arm.

"We are definitely hoping it will come this year," he said.

On Jan. 1, Yousef Al-Shelash, chairman of Dar Al-Arkan Real Estate Development Co. said the initial public offering will be launched by Q2 2018.

Samba Capital & Investment Management Company has been appointed the financial advisor for the IPO.

In December, the company launched a $217.8 million, 34-storey waterfront skyscraper in Downtown Dubai. Construction work has begun on the project, it said today.