REG - Dar Global PLC - Expansion into Saudi Arabia

Dar GlobalAnnouncement

13/11/2023 07:00

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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 (mailto:ir@darglobal.co.uk)

 

Powerscourt

Justin Griffiths / Nick Dibden / Louisa Henry

+44 (0) 20 7250 1446

darglobal@powerscourt-group.com (mailto: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 (http://www.DarGlobal.co.uk)

 

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