Dubai-based developer Damac Properties is looking to raise $500m through an initial public offering on the London Stock Exchange.

The plan is to issue global depository receipts through Firdous Holding and Sahira Company, which are both controlled by Damac founder and chairman Hussain Sajwani.

The company, which has completed over 8,000 residential units with a total value of $3.1bn since its inception in 2002, has assets worth $2.3bn, according to a regulatory filing by Damac. During the first half of this year it made a gross profit of $332m compared to $212.1m over the 2012 full year.

The company plans to go on a two-week roadshow to meet investors in or around the first week of December, according to Reuters. Citigroup and Deutsche Bank are joint bookrunners for the offering, with Samba Financial Group and VTB Capital acting as co-lead managers.

Damac’s planned flotation is the latest in a string of local companies seeking London listings, but marks the first time a UAE property developer is eyeing a listing abroad. If Damac succeeds in raising enough investor interest, the developer will be able to raise its global profile and join a bourse with a larger pool of liquidity than in UAE markets.

The company is currently developing 66 buildings at various stages of progress across the Middle East and North Africa (Mena) region. Among those are golf community Akoya on Umm Suqeim road, Paramount Towers in the Business Bay area, for which it received bids in June.