Dar Global, the international arm of Saudi Arabia’s largest developer, Dar Al Arkan, intends to purchase property in the US and other nations, reflecting a growing trend among Middle Eastern investors seeking opportunities in the US market.
The company, currently collaborating with the Trump Organization on a residential project in Muscat, is engaged in activities across six countries – the UAE, Oman, Qatar, the UK, Spain, and Bosnia – with ongoing projects valued at $5.9B.
As part of its expansion strategy, it aims to enter new markets. CEO Ziad El Chaar disclosed plans to acquire property in Miami and New York, citing Miami’s evolving market appeal to a global audience.
In New York, the company is exploring collaborations with developers to revive previously launched but unfinished projects, although specifics were not provided.
There’s a rising interest among Middle Eastern investors in US real estate. For instance, Bahrain-based Investcorp recently announced a partnership to invest in US industrial real estate, echoing sentiments of attractive opportunities in the US market.
In London, Dar Global intends to initiate a project with another developer or purchase completed projects from existing developers, according to The National News.
Back in Saudi Arabia, the company is vying for a new land plot in Riyadh to develop a 400-villa project, buoyed by growing global interest in Saudi real estate spurred by the kingdom’s new residency program.
The company aims to finance its ventures through internal funds and external borrowing, with ample cash reserves and support pledged by its parent company.
Established in 2017 to manage Dar Al Arkan’s international assets, Dar Global focuses on premium properties such as luxury second homes and holiday residences. Its successful listing on the London Stock Exchange in 2023 raised $72M.
Dar Global’s profitable performance in 2023, with a reported profit of $83.2M, underscores its strategic growth trajectory, backed by robust revenue from property sales globally.
With ongoing projects worth $1.03B in Dubai and plans for expansion, including new developments in Qatar and Oman, Dar Global remains optimistic about the GCC real estate market, supported by initiatives from regional governments to attract investors.
Initiatives like residency permits for retirees and remote workers, coupled with the expansion of the 10-year golden visa program in the UAE, have stimulated the property market, evident in record-high transactions in Dubai and sustained growth in Abu Dhabi’s property sector.
