Dubai: Dar Global, the Dubai headquartered luxury developer, is ready to take on its first project in Saudi Arabia.
In many ways, this would be a homecoming for the company given that it’s the international arm of the Saudi mega-developer Dar Al Arkan. The Dar Global plan is to buy plots and build in close vicinity to the Riyadh Expo 2030 venue site.
“The residential options we plan to build there are targeted at the international investor market,” said Ziad El Chaar, CEO of Dar Global. “It would make perfect sense for us given that Saudi Arabia had last December started offering residency for life options for investors putting in SR4 million and more.
“The way Dar Global sees it, there is a perfect opportunity to develop niche projects across key cities in the Gulf that investors from the region and overseas want for a second home.”
The developer, which is listed on London Stock Exchange, already is making headway on that plan, with two upscale residential projects in Dubai set to be complete before this year ends. It also has projects in Qatar and in Oman, where it has an association to build Trump branded villas in Muscat.
Now, Dar Global is getting ready to enter another new market – Ras Al Khaimah. As with its two Dubai, projects, the developer has brought in a global name as brand partner, in the form of Aston Martin, known more for its automotive legacy.
For Aston Martin, this will be only its second real estate association ever, after the first one in Miami. (Dar Global’s other luxury brand associations in Dubai are with Pagani, the Italian supercar brand, and with Missoni, the fashion label.)
“The project in Ras Al Khaimah provides us with an ideal platform,” said El Chaar. “We had a chance to join as a co-developer in the project, overlooking the entertainment island destination in the heart of Al Marjan Island.
“As a true British icon, Aston Martin represents the best partner to associate with as we target more global investors going for second homes in the Gulf.” (The land was jointly owned by Landmark Group and Aarvees Group.)
There will be 250 plus homes being offered as part of the RAK project, including villas right up to the beach, says El Chaar. Prices start at Dh1.8 million, then go all the way to around Dh12 million.
More to follow…
