The luxury international real estate developer Dar Global has announced it is strategically expanding its geographical presence to include Saudi Arabia, given several promising opportunities that have been presented and which are currently being evaluated by the management team.
From having one in property development in 2017, the DAR International Group now has eleven projects, which are located in the UAE, Oman, UK, Qatar, Bosnia and the UK. As of the 30th of June 2023, the Group’s current portfolio GDV stands at US$5.0 billion (as of 30 June 2023).
One of the key drivers of the Group’s Saudi expansion is the Kingdom’s Vision 2030 plan to diversify its economy away from being a largely energy-based one. As part of this plan, Saudi Arabia is undertaking giga projects in the real estate and hospitality sectors on an unprecedented scale, these projects aim to attract the affluent international clientele and build global appeal in the Kingdom.
The Group will also benefit from its parent company, Dar Al Arkan’s, established presence in Saudi Arabia with a 29-year track record of delivering high-quality real estate projects in the Kingdom.
While Dar Al Arkan will remain focused on a domestic customer base, Dar Global will be able to leverage Dar Al Arkan’s significant Saudi market knowledge and local relationships in areas such as planning, development and construction.
Dar Global will use a similar business model to that used in other international markets, differentiating its properties through partnerships with highly desirable luxury brands to develop unique second homes and investment properties for high-net-worth customers, specifically targeting those who are looking to participate in the unprecedented growth expected in the Kingdom over the coming decade.
With the tourism sector set to become a key pillar for the diversification of Saudi Arabia’s economy, the Group also anticipates compelling opportunities to develop hospitality assets, in line with the recent announcement of its ground-breaking partnership with Dolce & Gabbana in the Maldives.
Commenting on the news, Ziad El Chaar, CEO of Dar Global, said, “As Saudi Arabia looks to diversify its economy and grow its population in line with the ambitious Vision 2030 plan, it is a hugely exciting time to be entering the Kingdom’s real estate market.
Saudi Arabia has an ambitious real estate and hospitality project pipeline. This provides significant opportunity for us to participate in luxury real estate opportunities where we are well positioned to promote and sell these projects internationally.”
You must be logged in to post a comment.