Dubai: The FTSE-listed Dar Global – builder of the Missoni and Pagani branded projects in Dubai – eased back into profits for the first three months of 2023, at $4.9 million. Revenues came to $35.1 million for the developer which this February made its debut on the London Stock Exchange.
The company’s 2022 numbers saw a loss of $13.8 million from full-year revenues of $80 million. Apart from Dubai, the company is building a portfolio of super-luxury projects in Oman, Qatar, the Maldives, and will soon expand further into Europe.
Dar Global is the international arm of Dar Al Arkan Real Estate Development, headquartered in Dubai.
“We are planning to further expand our luxury brand portfolio offering with prestigious projects in the Spanish regions of Benahavis and Finca Cortesin,” said Ziad El Chaar, CEO. Of course, as has been the case with the Company, these too will have luxury brand associations.
So will its move into hospitality - "We are making our debut in hospitality with the renowned ‘Made in Italy’ brand Dolce & Gabbana, to create a signature experience in the Maldives," El Chaar added. "Unlike other customer groups, the investment decisions of ultra-high networth individuals who we typically serve are unaffected by the current global economic uncertainty." This would 'ensure a consistent performance for Dar Global throughout the cycle'.
Closing in on Missoni
The improved earnings during Q1-23 came about as the Group progresses to the delivery of its first residential project – the Urban Oasis Tower by Missoni in Dubai. The portfolio GDV (gross development value) is at $4.81 billion across 11 active projects in the UAE, Qatar, Oman, UK, Spain, and Bosnia.
"We are pleased with our progress to date on all our projects, sales continue to perform in line with our expectations and we are confident about our prospects given the markets we have chosen to be active in," said El Chaar.