Dar Global to invest in projects in Riyadh, Jeddah: CEO

Ziad El Chaar, CEO of London Stock Exchange (LSE)-listed Dar Global Real Estate, said the value of The Astera, Interiors by Aston Martin project, which the company launched today, June 4, amounts to AED 900 million.

It is a residential project situated on the shore of Al Marjan Island in Ras Al Khaimah (RAK), UAE, with Aston Martin overseeing its interior designs, he told Argaam in an interview.

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Among the reasons for investing in RAK is that the company constantly seeks to invest in regions that enjoy international demand from 40 nationalities or more. Therefore, Dar Global directed its attention to Dubai, Muscat, Doha, London, and the southern Spanish market.

Accordingly, it was only normal to invest in RAK, especially since all of the company's projects overlook the sea — a factor that can be achieved in the Emirate given the broad presence of beachfront areas; unlike Dubai, which lacks this type of land, El Chaar underlined.

He also stated that Dar Global is intending to further expand and invest in Saudi Arabia. It has already begun studying these plans since last year’s issuance of the decision to allow foreign ownership of real estate.

The CEO stressed that Dar Global's plans and activities in Saudi Arabia will not conflict nor clash with its TASI-listed parent company, Dar Al Arkan Real Estate Development Co., which owns 88% of the former. Dar Al Arkan specializes in establishing housing tailored to Saudi citizens, while Dar Global focuses on developing real estate products catering to foreign investors, he explained.

Furthermore, Dar Global is studying the purchase of lands and the development of projects in Riyadh and Jeddah, driven by the Kingdom’s hosting of the Riyadh Expo 2030 and the 2034 FIFA World Cup. If foreigners are allowed real estate ownership in Makkah and Madinah, the company will take initiative to develop projects there.

Dar Global listed on the LSE for being acquainted with the London capital market. This is in addition to the prevalence and transparency of its legalities, according to El Chaar.

The company aspires to set foot into Greece for attracting many nationalities, the majority of which invest there to secure the golden residency visa, said the CEO, adding that Dar Global also targets Morocco and some US regions such as Miami and New York.

El Chaar also stated that Dar Global is considered one of the largest landowners in southern Spain, pointing to the company’s ample investments there.

Elsewhere, the company has four projects in Dubai and had acquired a land plot for a fifth project, according to the CEO. He added that Dar Global will continue to invest in the Emirate, albeit underscoring the onus of establishing projects on Dubai shores.

In 2023, Dar Global’s revenues stood at about $700 million, with a net profit of $88 million, he noted.

The top executive added that Dar Global floated only 12% of its share capital in a public offering on the LSE as it was a newcomer. This is also in order to be able to launch more projects and increase their value. However, at a later stage, the offering of additional shares to the public is considered an essential option, he concluded.