Riyadh – Mubasher: Dar Al Arkan Real Estate Development on Sunday announced that its board has approved the decision to launch an initial public offering (IPO) for 30% of its wholly-owned subsidiary Dar Al Arkan Properties.

The mother company has appointed Samba Asset Management (SambaCapital) as the financial advisor for the offering.

Dar Al Arkan will submit its IPO plan to the Saudi Capital Market Authority (CMA) for approval, according to a bourse filing.

Dar Al Arkan Properties has around SAR 2.68 billion in assets across Saudi Arabia.

Dar Al Arkan Real Estate Development last closed Thursday at SAR 15.14, after rising 2%.

The Saudi real estate company last announced plans to build a skyscraper near the Dubai Water Canal at SAR 817.6 million (AED 800 million) in investments.