July 8 (Bloomberg) -- Dar Al Arkan Real Estate Development Co., Saudi Arabiaâs biggest developer by market value, got shareholder approval to raise its share capital as property demand increases in the Arab worldâs largest economy. The developer will increase its share capital to 10.8 billion riyals ($2.9 billion) from 7.2 billion riyals by offering one free share for every two held, the company said in a statement on the Saudi bourse Web site today. Saudi-based and regional developers are expanding in the kingdom as population growth and a $400 billion, five-year government-spending program spur demand for homes. Arabtec Holding pJSC, the United Arab Emiratesâ biggest construction company, last month won a contract worth 2 billion riyals to build a luxury tower in Jeddah, Saudi Arabia.
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