In the coming months, Saudi real estate firm Dar Global intends to invest USD 300 million in New York, Miami, and Los Angeles as it looks for partners to build opulent houses across the country.
Listed in London, Dar Global’s CEO, Ziad El Chaar, stated that the company intends to reveal its most recent advancement in the United States before 2024 ends. The official said that Dar Global has been holding meetings with leading real estate developers, but he would not name the companies that it might collaborate with.
El Chaar stated in a Dubai interview that “we are particularly working on concluding the first project in the United States by the end of the year.” He said that Dar Global will be investing USD 300 million in equity and is prepared to raise debt both domestically and internationally to support its U.S. ventures.
According to El Chaar, Dar Global, the global division of Saudi Arabia’s Dar Al Arkan Real Estate Development Company, aims to sell at least half of the houses in its American properties to foreign purchasers.
November 2022 saw Dar Al Arkan ink a USD 4 billion project in the Gulf state of Oman that includes a golf course, hotel, and villas under the Trump Organisation, the business of former United States President Donald Trump.
Donald Trump kept close ties with the Gulf nations while he was president, particularly Saudi Arabia, which invested USD 2 billion in a business that his son-in-law and former assistant, Jared Kushner, founded after he left office.
El Chaar stated that although Dar Global regards partnering with the Trump Organisation or the Kushner Companies, Kushner’s family real estate company, as an “honour,” he does not believe that they have the “right product” because they are overly fixated on the American market rather than the foreign consumer that Dar Global is trying to reach.
Meanwhile, Dar Global has awarded the infrastructure contract for the first phase of the AIDA development in Oman to Oman Shapoorji Company.
In 2022, Omran Group and Dar Al Arkan signed an agreement to develop AIDA within the Yiti Integrated Tourism Development master plan. Spanning five million square metres, AIDA is designed to offer residential spaces, recreational amenities, outdoor landscapes, dining options, and more.
The project is planned to be developed in three phases, with the first stage anticipated to reach completion in 2027.