Saudi Dar Al Arkan Real Estate Development is planning to list its Dubai unit, Dar Global, on the London Stock Exchange, Invest-Gate reports.

The listing is expected to occur in the first quarter of 2023 after the completion of a private placement.

Dar Al Arkan will offer a 12% stake in its Dubai arm to qualified investors through a private placement.

The Saudi-based company will retain 88% of Dar Global’s shares.

The deal is pending approvals from the Financial Conduct Authority (FCA) and LSE.

Upon the completion of the listing, Dar Global will be the UK holding company of Dar Al Arkan Real Estate Development’s international property development interests and marketing offices in the UK, Spain, UAE, Oman, Qatar, Bosnia, and China.