Ziad El Chaar, CEO of Dar Global Real Estate, which is listed on the London Stock Exchange, said that the value of “The Astera, Interiors by Aston Martin” project, which the company launched today, amounts to AED 900 million.
It is a residential project on the shore of Al Marjan islands in Ras Al Khaimah, and Aston Martin is supervising its interior designs, he added.
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Among the reasons that drove the company to choose the Emirate of Ras Al Khaimah is that it is always looking to invest in areas that enjoy international demand from 40 nationalities or more. Therefore, Dar Global directed its attention to Dubai, Muscat, Doha, London, and the southern Spanish market. It is natural to head to Ras Al Khaimah, especially since all of the company’s projects overlook the sea, which is something that can be achieved there as there are beach lands available, unlike Dubai, which is witnessing a scarcity of this type of land, El Chaar said, in an interview with Argaam.
He also stated that Dar Global is planning to expand and invest in Saudi Arabia, and has begun studying these plans since the issuance of the decision to allow foreign ownership in real estate last year.
The CEO stressed that Dar Global’s plans and activities in Saudi Arabia will not conflict or compete with the parent company, Dar Al Arkan, which owns 88% of Dar Global, as Dar Al Arkan specializes in housing directed to Saudi citizens.
Dar Global’s expertise focuses on developing the real estate product to suit the foreign investor, he said.
Furthermore, Dar Global is studying the purchase of lands and development of projects in Riyadh and Jeddah, driven by the plans for the Expo and the World Cup. If ownership is opened to foreigners in Makkah and Madinah, the company will take the initiative to develop projects there.
Dar Global chose to list on LSE as it has experience in dealing with it, in addition to the prevalence and clarity of dealings with the laws there, according to El Chaar.
The company aspires to expand in Greece, given it attracts many nationalities, the majority of whom invest there because of the golden residency visa, said the CEO, adding that Dar Global also targets Morocco and some cities of US such as Miami and New York.
El Chaar also stated that Dar Global is considered one of the largest landowners in southern Spain, noting that it has a large investment there.
As regards Dubai Emirate, El Chaar stated that his company has four projects and acquired a land plot for the fifth project. He added that Dar Global is continuing to invest in it, pointing out the difficulty of establishing projects on Dubai shores.
The company’s revenues were about $700 million for the year 2023, with a net profit of $88 million, he noted
The top executive added that Dar Global offered only 12% of its shares for public subscription on the London Stock Exchange as it was new, and in order to be able to launch more projects and increase their value, offering more company shares by owners later on is considered an essential option.
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