Dar Global PLC Expansion into Saudi Arabia (1612T)
13 Novembre 2023 - 8:00AM
UK Regulatory
TIDMDAR
RNS Number : 1612T
Dar Global PLC
13 November 2023
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
ir@darglobal.co.uk
Powerscourt
Justin Griffiths / Nick Dibden / Louisa Henry
+44 (0) 20 7250 1446
darglobal@powerscourt-group.com
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
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END
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