Ziad El Chaar, CEO of Dar Global
Saudi developer Dar Global, which is listed on London Stock Exchange (LSE), plans to invest $300 million in New York, Miami and Los Angeles in the coming months as it seeks partners to develop luxury homes the US.
The company is ready to raise debt in and outside the US to help finance its US projects, and that its investment will be in the form of equity, CEO Ziad El Chaar told Reuters.
Dar Global is looking forward to completing its first project in the US before the end of the year, El Chaar said, adding that the company is in talks with major developers.
Dar Global was established in 2017 to upend the global luxury real estate market and develop the international assets of Saudi-listed Dar Al Arkan. Liberum Capital Limited acted as capital markets advisor on the listing, while Norton Rose Fulbright was legal advisor.
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