Dubai: Luxury international real estate developer Dar Global announced its audited full-year financial results for the year ending 31 December 2023 on Friday. The firm generated record revenues of $360.6 million (Dh1.32 billion) and posting a significant increase in gross profit to $146.4 million (Dh537 million) at a healthy margin of 41 per cent.
Dar Global’s revenue grew three times, at 351 per cent year-on-year, compared to 2022. Profit before tax stood at $81.2 million compared to a loss of $5.2 million in 2022.
Ziad El Chaar, Chief Executive Officer, Dar Global, commented: “It has been an outstanding year for Dar Global following our successful listing on the London Stock Exchange in February 2023. We have delivered strong revenue growth and a significant increase in profits and we continue to deliver against our ambitious strategy.”
“We have created a unique offering focused on the development of luxury second homes in some of the most desirable locations in the world for affluent, internationally mobile, global citizens. This strategy sets us apart from other developers and enjoys high and sustained demand from a customer base far less exposed to the economic cycle.
Ongoing and upcoming projects
With four active projects in the UAE, Dar Global is on track to complete and hand over the inaugural Urban Oasis Tower in Dubai in Q1 this year. This will be followed later in the year by the Da Vinci Tower by Pagani.
Two other projects in Dubai include W Residences, the 49-floor development situated in Downtown Dubai, and DG1, Dar Global’s first own-brand project.
Dar Global’s project portfolio includes the AIDA masterplan in Oman, developed under a joint development agreement with the OMRAN Group (Oman Tourism Development Company), and Les Vagues, its first residential project in Qatar with interiors by Elie Saab which is scheduled for completion in Q1 2027.
The Tierra Viva project, developed in partnership with Automobili Lamborghini, marks Dar Global’s first European project in the ultra-luxury market of Marbella, Spain. The firm’s other Spanish projects include Marea with interiors by Missoni, and the Tabano project, which is currently in the early permitting stage.
In London, Dar Global is due to complete its exclusive unit at 149 Old Park Lane in Q1 this year while 8mins-to-Central and Oh So Close are scheduled for completion in June 2024.
