Dar Al-Arkan launches SAR 817 mln project in Dubai

Dar Al-Arkan Real Estate Development Co. (Dar Al-Arkan) on Tuesday launched its international business with an AED 800 million (SAR 816.9 mln) project in downtown Dubai.

The construction on the 34-storey waterfront skyscraper, called I Love Florence Tower, will start by January 2018, the Tadawul-listed firm said in a statement.

Fashion concepts firm Roberto Cavalli will handle the interior design of the tower.

“Dar Al-Arkan has more-than-23-year track record of projects in Saudi Arabia, which will boost its efforts to access the global markets. We seek more diversified investments,” Dar Al-Arkan Chairman Yousef al-Shelash said at the launch event in Dubai. 

The company is also considering whether to invest in a housing project in Morocco, a Reuters report said, citing Al-Shelash.

The developer may consider acquiring a fixed income asset such as a hotel or a residential or business tower in European cities, including London, Frankfurt and Berlin next year, the news agency said.

In April, Al-Shelash had said the company planned to invest in projects outside the Kingdom before the end of 2017 to diversify its real estate portfolio.