RIYADH: London Stock Exchange-listed Dar Global is set to explore new projects in Saudi Arabia and London, marking a strategic expansion in two key markets.
The luxury international real estate developer, a subsidiary of Saudi-based Dar Al Arkan, has appointed Rothschild & Co. as its financial advisor to guide this growth, the company said in a press release.
As part of its strategy, acquisitions and joint ventures will play a crucial role in the company’s expansion plans in both markets, it added.
Dar Global will be assisted by Dar Al Arkan in facilitating these moves within the Saudi market.
The developer aims to leverage its success in partnering with landowners, government organizations, and leading luxury brands to deliver high-end investment opportunities to affluent, internationally mobile clients.
This move follows the company’s earlier announcement in November 2023 to expand its presence in Saudi Arabia.
Ziad El Chaar, CEO of Dar Global, said: “Our partnerships are key to our success and our deep-rooted commitment to delivering high-end bespoke investment opportunities for our clients will stand us in good stead as we forge ahead.”
He added: “We look forward to further enhancing our presence in the key London market even as we work alongside our major shareholder Dar Al Arkan to consolidate our acquisitions and joint ventures in the Saudi market. We are pleased to be working with the Rothschild & Co team on advancing our ambitions as we reinforce our brand presence in the region.”
Dar Global’s expansion follows its February 2023 listing on the London Stock Exchange, which valued the company at SR2.25 billion ($600 million). The move aims to increase the firm’s visibility and access to new capital.
Originally created to manage the non-Saudi assets of Dar Al Arkan Real Estate, Dar Global focuses on second homes for internationally mobile clients, having delivered over 15,000 residential units with total assets of approximately $8.5 billion.
Looking ahead, the group plans to expand into the hospitality sector by acquiring or developing hotels, with a strategy to sell them after three to five years of operation once revenue stabilizes. Its target markets include Spain, Dubai, and the Maldives, as well as Athens, Marrakesh, and London.
Source: Arab News
