A Saudi property developer is poised to become the first company to list on the London Stock Exchange (LSE) this year in a rare boost for the market.
DarGlobal, which focuses on international luxury developments, will raise $72m (£60m) through a direct listing on the main market in London, which is expected to value the business at around $600m.
The move represents the first listing on the LSE this year after a prolonged dealmaking drought triggered by the war in Ukraine continued into 2023.
Ziad El Chaar, chief executive of DarGlobal, said: “London is the best location for us as we look to access new capital and build our global visibility with development and luxury brand partners.”