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Dubai-based luxury property developer Dar Global is planning to launch two mega projects in the UAE, as it eyes expansion in the GCC, including a wider footprint in the kingdom.
Following its listing on the London Stock Exchange (LSE) last February, Dar Global currently has a portfolio pipeline valued at $6 billion, with nearly half of that allotted to projects in the GCC, according to its CEO.
“We have charted a development plan to grow our annual revenue from $700 million to $3 billion,” Ziad El Chaar told Zawya.
“When we listed on the LSE last year, it was with the mindset to unlock capital for expansion. We recognised quite early on that to grow, we needed a structure that would help us to build our business through joint ventures, a structure that would help us in acquisitions and one that would help us with fundraising,” he added.
El Chaar said the company is in talks with parties to launch two mega projects in the UAE.
“Saudi is also a market we are actively expanding into, where we will facilitate the international buyer who is looking to invest in the kingdom,” he said, while denying that it would cannibalise the market share of its parent company.
Dar Global is currently in “active talks” with a UK developer for a joint venture to build projects in Zone One of Central London, El Chaar said.
On Tuesday, the global arm of Saudi Arabia’s biggest developer Dar Al Arkan, partnered with Aston Martin to shape the interiors of a 900 million UAE dirhams ($250 million) beachfront project in Ras Al Khaimah.
The Astera beachfront project will break ground in September for a December 2028 handover, and is likely to attract buyers from India, Pakistan and the Arab world.
The developer, which secured a AED750 million loan from Dubai-based lender, Emirates NBD, in June last year, is currently not considering new fundraising options. “We are still looking at opportunities to allocate the biggest sum of that loan,” El Chaar confirmed, without ruling out plans to tap to the bonds or sukuk market in the future.
Dar Global has an extensive project pipeline across markets such as Spain, Greece, Bosnia and Herzegovina, the UAE, Oman, and Qatar.
Having worked with brands such as Pagani, Missoni and Lamborghini previously, the Dar Global CEO said its most recent partnership with Aston Martin comes at a time when the demand for branded residences has been witnessing an uptick.
“From an investment growth perspective and rental yields, branded residences continue to outperform in terms of value on account of its real estate value and its low supply. Study after study have shown that branded residences outperform non-branded ones, which is why there has been a recent increase in such projects in markets such as the UAE,” El Chaar added.
(Reporting by Bindu Rai; editing by Seban Scaria)
