Saudi real estate brand Dar Al Arkan’s subsidiary to start trading on London Stock Exchange
Saudi real estate brand Dar Al Arkan’s subsidiary to start trading on London Stock Exchange /node/2258302/business-economy
Saudi real estate brand Dar Al Arkan’s subsidiary to start trading on London Stock Exchange
This will make Dar Al Arkan one of the first Saudi international brands to list on the London Stock Exchange with a valuation of SR2.25 billion ($600 million). (Supplied)
Saudi real estate brand Dar Al Arkan’s subsidiary to start trading on London Stock Exchange
Updated 26 February 2023
ARAB NEWS
RIYADH: Saudi Arabia real estate giant Dar Al Arkan Development Co. expects to list its international development subsidiary Dar Global on London Stock Exchange on Tuesday, Feb. 28.
This will make Dar Al Arkan one of the first Saudi international brands to list on the London Stock Exchange with a valuation of SR2.25 billion ($600 million).
The London Stock Exchange has been a key partner to the Middle East in its efforts to integrate the region’s domestic capital markets and economies with the world, according to the London Stock Exchange's official website.
“In the spirit of building partnerships and fuelling the evolution of capital markets in the Middle East, the London Stock Exchange Group has supported the Kingdom of Saudi Arabia in achieving a key pillar of its Vision 2030,” the website added.
Founded in 1994, Dar Al Arkan is one of the largest real estate companies in the Kingdom. It has successfully admitted Dar Global to the Standard Segment of the Official List of the Financial Conduct Authority, and to the main market of the London Stock Exchange.
Since its establishment in 2017, Dar Global has offered international real estate projects by focusing on developing units across the Middle East and Europe including countries like Qatar, Oman, London, and Spain.
“This is an extremely proud moment for us. After pioneering a distinct approach to development in the Kingdom’s real estate sector, we believe it is time to further diversify the group’s offerings across international communities with Dar Global,” Yousef Al-Shelash, Dar Al Arkan chairman, said in a statement.
The company also collaborates with global brands including Missoni, W Hotels, Versace, Elie Saab, Automobili Pagani and Automobili Lamborghini.
“London is the ideal venue as Dar Global looks to access a larger pool of investors and partners to support its expansion ambitions in the global luxury real estate landscape. We thank the Ministry of Investment in Saudi Arabia for facilitating and supporting our global expansion and assisting us in spreading the brand of Saudi Arabia globally,” Al-Shelash added.
The company currently has 11 development projects underway in six different countries, including Urban Oasis and the Da Vinci Tower in Dubai and Sidra in Bosnia, which is set to be completed by the final quarter of 2023.
Saudi Arabia, UAE lead global office quality fit-out investments: JLL
Updated 05 June 2025
Nirmal Narayanan
RIYADH: Saudi Arabia and the UAE are leading global investments in high-end office fit-outs, averaging over $2,400 per sq. meter, well above the global benchmark of $1,830, according to a new report.
An analysis by real estate advisory firm JLL, based on data from 25 countries, found that companies in both Gulf countries are prioritizing workspace upgrades as part of broader return-to-office strategies.
In the Middle East and Africa, corporate sentiment remains focused on targeted investments in design and functionality to support hybrid working models and enhance employee productivity.
The report added that initiatives in Saudi Arabia such as the regional headquarters program are playing a crucial role in driving demand for Grade A office spaces in the Kingdom. It offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom.
Maroun Deeb, head of project and development services for Saudi Arabia and Bahrain at JLL, said: “The general optimism toward investing in workspaces is likely to continue throughout 2025 as growth-oriented corporations invest in office fit-outs to support their hybrid workplace policies.”
He added: “Targeted investments to enhance employee experience will see an increased focus on workplace design, innovative technology solutions, and refurbishment opportunities amid growing interest in healthier, energy-efficient workspaces.”
According to the analysis, companies in Saudi Arabia and the UAE are investing more on fit-outs to enhance workplace experience and employee performance.
The report added that Saudi Arabia and the UAE are among the premium global markets for quality fit-out investments on par with London, New York and Sydney.
JLL analyzed data from 25 countries and found that sustainability is a key driver in many relocation strategies and office fit-outs.
Some 68 percent of organizations globally plan to increase investment in sustainability performance in the next five years.
In the Middle East and Africa region, the sentiment is strongest in Saudi Arabia and the UAE, where 78 percent of corporate real estate leaders aim to enhance value through sustainability.
The report, however, added that organizations in the region face challenges in meeting sustainability requirements due to limited suitable stock and high costs of upgrading older buildings.
JLL added that early planning and integration of sustainability targets in relocation strategies and fit-out projects is crucial to address challenges.
“Offices that embrace innovative technologies and sustainable design principles and have higher levels of green certification command a premium, especially in Dubai,” said Gary Tracey, head of project and development services UAE at JLL.
He added: “Investments to improve sustainability will mitigate future operational expenses, remaining highly attractive to tenants seeking modern, efficient workplaces.”
The report further said that supply chain disruptions in 2024 disproportionately affected the office market in the Middle East and North Africa, tightening project timeframes and escalating pricing.
“From environmental and smart building systems to adaptive workspaces and settings, supply chain engagement is critical in managing costs and allowing for innovation in future-focused workspaces,” said JLL.
The report added that mechanical and electrical services now account for a higher proportion of office spend as stricter environmental and sustainability standards require more complex systems.
With 39 percent spending on M&E services, Cairo ranks among the top cities globally for average proportion of costs per sq. meter for such services, followed by Dubai at 30 percent and Riyadh at 29 percent.
In April, in a separate analysis, JLL said that the global office sector is rebounding as companies scale back hybrid employment options, increasing demand for workspaces.
In that report, JLL revealed that 59 percent of organizations globally are increasing investments in design and fit-outs.
Saudi Arabia and Syria explore investment cooperation in bid to boost economic integration
Updated 05 June 2025
Nour El-Shaeri
RIYADH: Saudi Arabia and Syria are set to advance economic cooperation following a virtual meeting between the Kingdom’s Minister of Investment Khalid Al-Falih and the Middle Eastern country’s Minister of Economy and Industry Mohammad Al-Shaar.
The two sides reviewed prospects for investment partnerships and discussed opportunities to expand collaboration in both public and private sectors, according to a report by the Saudi Press Agency.
The discussions focused on promoting high-quality investments across productive and service industries, with the goal of supporting Syria’s economic development and enhancing regional financial integration.
The meeting also examined ways to build a favorable environment for cross-border investments that can contribute to long-term stability.
Syria is undertaking significant efforts to revive its economy following years of conflict. The transitional government, led by President Ahmed Al-Sharaa, has initiated reforms, including the privatization of state enterprises, the lifting of import restrictions, and the encouragement of foreign investment.
Notable developments encompass a $7 billion energy infrastructure agreement with a Qatari-led consortium, the reopening of the Damascus Securities Exchange, and a $300 million fiber-optic project involving Gulf telecom firms.
“Al-Falih emphasized the importance of creating an enabling environment for expanding regional investment partnerships,” SPA said.
He added that Saudi Arabia is keen to assist in stabilizing and developing the Syrian economy, which he described as essential for serving mutual interests and promoting regional economic prosperity.
Additionally, the Kingdom and Qatar have pledged financial support for Syrian public sector salaries in May.
These initiatives, alongside the easing of Western sanctions, aim to stabilize the economy and attract international investment.
The talks are part of broader Saudi efforts to expand its global investment footprint and strengthen economic ties across regions.
In May, Saudi Foreign Minister Prince Faisal bin Farhan visited Damascus, where he met Al-Sharaa and pledged Saudi-Qatari support for Syria’s public sector, with a particular focus on energy and infrastructure investments.
The Kingdom has also ramped up high-level international engagements this year. Minister of Finance Mohammed Al-Jadaan participated in the Saudi-US Investment Forum in Riyadh in May to discuss cross-border investment opportunities.
In April, Al-Jadaan met with Pakistan’s Finance Minister Muhammad Aurangzeb in Washington to deepen financial and economic cooperation.
Additionally, Minister of Economy and Planning Faisal Alibrahim signed a memorandum of understanding with Spain on May 22 to promote trade diversification and new investment opportunities.
Alibrahim also represented Saudi Arabia at the World Government Summit in Dubai in February to advance Vision 2030 partnerships.
Saudi Arabia’s Port of NEOM installs 1st automated cranes, targets 2026 launch
Updated 05 June 2025
MIGUEL HADCHITY
RIYADH: Saudi Arabia’s $500-billion giga-project NEOM has installed the Kingdom’s first fully automated, remote-controlled cranes at its Red Sea port as it moves ahead with plans to begin operations in 2026.
The delivery of next-generation ship-to-shore and electric rubber-tyred gantry cranes marks a key milestone in the development of Terminal 1, which will accommodate the world’s largest container ships. NEOM is aiming to position the facility as a global logistics hub connecting Asia, Europe, and Africa.
The facility supports Saudi Arabia’s Vision 2030 by contributing to economic diversification through enhanced trade, logistics, and industrial capabilities. As global supply chains shift toward resilience and efficiency, NEOM’s strategic Red Sea location positions it as a vital link between Asia, Europe, and Africa.
Sean Kelly, managing director of Port of NEOM, said: “The arrival of our first automated cranes marks a tangible milestone as we lay the foundations for an advanced, future-ready port.”
He added: “We’re not only accelerating industrial growth in northwest Saudi Arabia, but we’re also setting a new benchmark for performance, efficiency, innovation and establishing a vital trade gateway for the Kingdom and the region beyond.”
The new cranes will enable high-efficiency operations while allowing remote control from ergonomic workstations.
Infrastructure developments, including a 900-meter quay wall and an 18.5-meter-deep channel, ensure the port can handle the largest vessels transiting the Suez Canal. Terminal 1 will also feature horizontal transport automation, boosting logistics capacity and regional industrial growth.
Alongside infrastructure upgrades, the port is investing in local talent development. A specialized program is training Saudi workers, including women, for high-tech roles such as remote crane operations. Ten participants from Saudi Arabia’s Tabuk region are currently in a two-year program combining technical training and mentorship.
Trainee Hajjer Alatawi said: “This experience has shown me that port logistics is far more complex than just moving cargo; it’s about teamwork, precision and responsibility. Seeing more Saudi women entering this space gives me hope for a future where industries are defined by skills, not gender.”
The press release added that by empowering Saudi workers with high-tech skills, “Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030.”
UAE’s power capacity set to reach 79.1GW by 2035: GlobalData
Updated 05 June 2025
Nirmal Narayanan
RIYADH: The power capacity of the UAE is expected to reach 79.1 gigawatts by 2035, registering a compound annual growth rate of 3.4 percent from 2024, according to a report.
Findings from data analytics and consulting company GlobalData stated that annual power generation in the Emirates is expected to increase at a CAGR of 3.8 percent from 2024 to 2035, reaching 281.3 terawatt-hours.
Boosting power capacity is essential for the UAE as energy demand rises alongside a rapidly growing population, which is expected to reach 11.9 million by the end of the decade, up from 11 million today.
A significant factor contributing to this increased energy consumption is the high expatriate population, which accounts for around 88 percent of the total and drives the growth in residential and commercial energy needs.
“The power sector in the UAE offers abundant opportunities for investors, with the government poised to make significant investments in the expansion and modernization of its generation and supply infrastructure,” said Attaurrahman Ojindaram Saibasan, power analyst at GlobalData.
He added: “The anticipated increase in capacity is projected to occur predominantly in gas-based thermal power, as opposed to oil, where capacity is expected to remain stable. Manufacturers of gas turbines stand to benefit from this surge in gas-fired power capacity.”
GlobalData further said that the climate conditions in the UAE are exceptionally conducive to solar power generation, prompting the government to allocate extensive tracts of undeveloped land for solar parks, including both photovoltaic and concentrated solar power installations.
The report added that the UAE has the capability to not only meet local demand using solar energy but also cater to export needs.
The country is taking significant steps to bolster its renewable energy capacity, especially solar power, as a core strategy to address climate change.
It is targeting a clean energy capacity of 14.2GW by the end of this decade and is planning to invest between $40.84 billion and $54.45 billion to triple renewable energy contribution by 2030.
“Over the past decade, the UAE has experienced a marked increase in electricity demand, necessitating the importation of natural gas from Qatar,” said Saibasan.
He added: “In response to this growing demand and to diversify its energy portfolio, the UAE has strategically shifted away from exclusive dependence on natural gas, expanding into renewable and nuclear energy sectors.”
GlobalData further stated that the development of mega urban projects, such as Masdar City and Expo City Dubai, also highlights the need for sustainable energy solutions.
“These smart cities are at the forefront of innovation, yet they also contribute to higher electricity consumption. Consequently, this trend necessitates the expansion of the electrical grid and investment in smart infrastructure to meet the evolving demands,” Saibasan concluded.
Global energy investment to hit record $3.3tn in 2025: IEA
Updated 05 June 2025
Nirmal Narayanan
RIYADH: Energy investment globally is projected to hit a record $3.3 trillion in 2025, driven by a surge in clean power spending amid economic uncertainty and geopolitical tensions, according to an analysis.
In its latest report, the International Energy Agency said that technologies in the sector, including renewables, nuclear, and storage, are set to attract $2.2 trillion in investment.
Investments in oil, natural gas and coal are set to reach $1.1 trillion this year.
The uptick in clean energy spending aligns with the wider trend observed globally as most nations, including oil-rich countries in the Middle East, have set net-zero targets to reduce emissions and combat climate change.
Saudi Arabia plans to achieve net-zero emissions by 2060, while the UAE aims to reach the goal in 2050.
Fatih Birol, executive director of the IEA, said: “Amid the geopolitical and economic uncertainties that are clouding the outlook for the energy world, we see energy security coming through as a key driver of the growth in global investment this year to a record $3.3 trillion as countries and companies seek to insulate themselves from a wide range of risks.”
He added: “The fast-evolving economic and trade picture means that some investors are adopting a wait-and-see approach to new energy project approvals, but in most areas we have yet to see significant implications for existing projects.”
Electricity takes the lead
IEA said that investment trends in the sector are being shaped by the onset of the “Age of Electricity” and the rapid rise in demand for industry, cooling, electric mobility, data centers and artificial intelligence.
A decade ago, investments in fossil fuels were 30 percent higher than those in electricity generation, grids and storage.
In 2025, electricity investments are set to be some 50 percent higher than the total amount being spent bringing oil, natural gas and coal to market, reaching $1.5 trillion.
In April, another report by the IEA also highlighted the growing demand for electricity globally driven by the rapid rollout of AI and data centers.
At that time, the think tank said electricity consumption by data centers powered by AI is expected to double by 2030 to reach 945 terawatt-hours, creating new challenges for energy security and carbon dioxide emission goals.
IEA added that electricity consumption by data centers has increased by 12 percent annually since 2019 to reach 1.5 percent of the global amount in 2024.
Data centers are a growing user of electricity. Shutterstock
Clean energy surge
According to the report, spending on low-emission power generation has almost doubled over the past five years, led by solar PV.
The energy agency projected that investment in solar, both utility-scale and rooftop, is expected to reach $450 billion in 2025, making it the largest single item in the world’s energy investment inventory.
“Fierce competition among suppliers and ultra-low costs are seeing imported solar panels, often paired with batteries, become an important driver of energy investment in many emerging and developing economies,” said the IEA.
Battery storage investments are also climbing rapidly, surging above $65 billion this year.
Saudi Arabia has also set ambitious goals to generate clean energy, primarily using solar power.
The Kingdom plans to generate 58.7 gigawatts of renewable energy by 2030, with 40 GW from solar PV. It also plans to generate 16 GW from wind energy and 2.7 GW from concentrated solar power.
This commitment is part of the broader National Renewable Energy Program strategy, aimed at diversifying its energy portfolio and reducing reliance on fossil fuels.
IEA added that capital flows to nuclear power have grown by 50 percent over the past five years and are on course to reach around $75 billion in 2025.
The US and the Middle East accounted for nearly half of a resurgent level of final investment decisions for natural gas power.
Saudi Arabia is also planning to include nuclear energy as a key part of the Kingdom’s energy mix.
In January, the Kingdom’s Energy Minister Prince Abdulaziz bin Salman said the nation is planning to begin enriching and selling uranium.
Launched in 2017, Saudi Arabia’s National Atomic Energy Project is a cornerstone of the Kingdom’s strategy to diversify its energy sources.
If investments in carbon capture, utilization and storage move ahead as planned, spending in this sector will rise more than tenfold by 2027 from current levels, the IEA added.
“Low-emissions fuel projects are particularly prone to policy uncertainty. Some hydrogen projects have been canceled or delayed in the past 12 months, but there remains a pipeline of approved projects that require around $8 billion of investment in 2025, almost double the level seen in 2024,” said the report.
In November, NEOM Green Hydrogen Co.’s CEO Wesam Al-Ghamdi told Arab News that Saudi Arabia is on track to begin production in the world’s largest green hydrogen project by 2026.
The plant, located in the Kingdom’s $500-billion giga-project, will rely entirely on solar and wind energy to power a 2.2-GW electrolyzer designed to produce hydrogen continuously.
Grid investment gap
Spending patterns in the energy sector remain very uneven globally, according to the IEA. Shutterstock
According to the IEA, investment in grids — now at $400 billion per year — is failing to keep pace with spending on generation and electrification.
“Maintaining electricity security would require investment in grids to rise toward parity with generation spending by the early 2030s. However, this is being held back by lengthy permitting procedures and tight supply chains for transformers and cables,” said the energy agency.
The report further said that lower oil prices and demand expectations are set to result in the first year-on-year fall in upstream oil investment since the COVID-19 slump in 2020.
The expected 6 percent drop is driven mainly by a sharp decline in spending on US tight oil.
However, investment in new liquefied natural gas facilities is on a strong upward trajectory as new projects in the US, Qatar, Canada and elsewhere prepare to come online.
The report added that the global LNG market is set to experience its largest-ever capacity growth between 2026 and 2028.
Geographical shifts
According to the IEA, spending patterns in the energy sector remain very uneven globally — with many developing economies, especially in Africa, struggling to mobilize capital for energy infrastructure.
The report added that Africa accounts for just 2 percent of global clean energy investment, despite being home to 20 percent of the world’s population.
“To close the financing gap in African countries and other emerging and developing economies, international public finance needs to be scaled up and used strategically to bring in larger volumes of private capital,” said the IEA.
China is the largest global energy investor by a wide margin, and its share of global clean energy investment has risen from a quarter 10 years ago to almost one-third now.
Even though well behind China, the IEA added that energy investment trends in India and Brazil stand out among emerging and developing economies.
“Mobilising international finance for clean energy investment in emerging and developing economies will need to be combined with the development of domestic capital markets,” added the energy agency.
