Dar Global to invest USD300M in luxury real estate projects in US
Date
6/30/2024 5:42:12 AM
(MENAFN) Dar Global, a Saudi Real estate developer and international arm of Dar Al-Arkan Real Estate Development Company, has unveiled ambitious plans to invest USD300 million in luxury real estate projects across key American cities including New York, Miami, and Los Angeles. Ziad Al-Shaar, CEO of Dar Global, disclosed that the London-listed company aims to announce its latest ventures in the United States by the end of this year. Al-Shaar emphasized that Dar Global is actively seeking partnerships with major real estate developers for these projects, although specific collaborators were not disclosed at this time.
In an interview from Dubai, Al-Shaar expressed confidence in Dar Global's readiness to launch its inaugural project in the US by year-end. He highlighted the company's strategy to finance these developments through a combination of debt issuance within and outside the US, alongside USD300 million in equity investment.
A significant aspect of Dar Global's strategy involves targeting non-American buyers, with plans to sell at least half of the homes in its US projects to international clients. This approach aligns with broader trends in luxury real estate markets, where international demand plays a crucial role in driving sales and market dynamics.
Dar Global's international footprint expanded notably in November 2022 when Dar Al Arkan, its parent company, entered into an agreement with the Trump Organization. The agreement pertained to the use of the Trump brand in a landmark USD4 billion project in the Sultanate of Oman, encompassing a golf course, hotel facilities, and luxurious villas. This partnership underscores Dar Global's strategic initiatives to leverage prestigious brands and capitalize on global market opportunities in upscale real estate developments.
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