Local developer Dar al-Arkan Real Estate Development Company plans to list 30 per cent of one of its subsidiary companies.

The subsidiary, Dar al-Arkan Properties Company, is a property management business with income producing assets worth of SR2.68bn ($710m) across different cities in the kingdom.

In a statement on the Saudi Stock Exchange (Tadawul), Dar al-Arkan said the local Samba Capital & Investment Management Company (Sambacapital) has been appointed as a financial advisor for the initial public offering (IPO).

Dar al-Arkan is also expanding internationally. In December last year it announced plans to build an AED800m ($218m) tower on Dubai Water Canal in Business Bay known as I Love Florence.

Construction work on the 34-storey tower is expected to start in January 2018.