Luxury developer Dar Global is entering Saudi Arabia to capitalise on “growing international interest” in the kingdom’s real estate market.
The London-listed company’s management team is weighing up “several promising opportunities”, highlighting Saudi’s Vision 2030 plan as driving activity.
Projects are likely to include residential schemes as well as hospitality assets.
Dar Global has 11 projects spanning the UK, Spain, UAE, Oman, Qatar and Bosnia. Those schemes have a combined GDV of $5bn (£4bn). Its parent company, Dar Al Arkan, has operated in the Saudi real estate market for three decades.
Chief executive Ziad El Chaar said: “As Saudi Arabia looks to diversify its economy and grow its population in line with the ambitious Vision 2030 plan, it is a hugely exciting time to be entering the kingdom’s real estate market. Saudi Arabia has an ambitious real estate and hospitality project pipeline. This provides significant opportunity for us to participate in luxury real estate opportunities where we are well positioned to promote and sell these projects internationally.”
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