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On 13 November 2023, Dar Global PLC announced it is strategically expanding its geographical presence to include Saudi Arabia. The company reported its current portfolio comprises 11 active projects and had a Gross Development Value (GDV) of US$5.0 billion as of 30 June 2023.
| Date | 13 Nov 2023 |
| Time | 07:00:11 |
| Category | Miscellaneous |
| ID | 1612T |
13 November 2023
Dar Global PLC
("Dar Global" or "the Group")
Dar Global's expansion into Saudi Arabia to benefit from growing international interest in the Kingdom's real estate market
Dar Global, the luxury international real estate developer, is pleased to announce that 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. The Group will continue to focus on its strategy of delivering high-end, bespoke investment opportunities to affluent and internationally mobile customers.
The Group has grown its portfolio from one property development in 2017 to its current 11 active projects in the UK, Spain, UAE, Oman, Qatar and Bosnia. The Group's current portfolio GDV stands at US$5.0 billion (as of 30 June 2023).
One of the key drivers of the 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."
-ENDS-
Dar Global
Abhilash Paul, Head of Investor Relations
Powerscourt
Justin Griffiths / Nick Dibden / Louisa Henry
+44 (0) 20 7250 1446
About Dar Global
Dar Global PLC is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe, including downtown Dubai, Muscat in Oman, London and the Costa del Sol region in the South of Spain.
Dar Global was originally established to house and develop the international assets of Dar Al Arkan Real Estate Development PJSC ("DAARE"), a leading real estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,300 residential units with total assets of c. US$8.3 billion.
The Company intends to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after a period of three to five years of operation once the hotels or resorts' revenue streams stabilise. Target markets include Spain, Dubai, Maldives, Athens and London.
Dar Global was admitted to the Main Market of the London Stock Exchange on 28 February 2023.
Please visit www.DarGlobal.co.uk