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Dar Global Development Value Exceeds US$4.8 billion in 2022
By Saifur Rahman
Dar Global, a fully-owned international subsidiary of US$4 billion real estate developer Dar Al Arkan, is expanding its international footprints by acquiring land assets in the United Kingdom, Bosnia, Spain, the UAE, Oman and Qatar for the development of ‘second home’ properties, a top official said.
“We are acquiring a lot of plots in the United Kingdom and Spain for the development of properties, in addition to our current expansion in the UAE, Oman and Qatar,” Ziad El Chaar, Chief Executive Officer of Dar Global, said in an exclusive interview.
“Most global business hubs and metropolises such as Dubai, Doha, London and other key economic hubs are actually second-home cities where foreign investors come to do business and also buy property either for living as a second home or for investment purpose. At Dar Global, we are focussing more on the second home markets.
“Spain is another second-home market where wealthy families either spend their holidays or retired life. These markets will continue to remain vibrant regardless of the global economic conditions – even when global economic growth slows down.
“The clear example is Dubai where more and more wealthy people have relocated and invested during the COVID-19 pandemic and we can see more are coming. We see this as a great opportunity for us.”
Dar Global, which was established in 2017 in Dubai as a subsidiary of the Saudi Arabian developer Dar Al Arkan Properties, currently has gross development value exceeding US$4.8 billion (Dh17.61 billion) under various stages of planning, development, construction and refurbishment in these markets.
In 2022, the company has announced projects worth QR1 billion in Qatar, Dh14 billion in Muscat and Dh3 billion in the UAE.
Dar Global operates across the entire industry’s value chain with innovation and technology at its core. Leveraging its extensive experience and understanding of the industry, Dar Global focuses on developing elegantly designed residences catering to the second and vacation homes market in central locations in the Middle East and Europe.
Some prominent projects include Urban Oasis tower in collaboration with Missoni, Da Vinci tower with interiors by Pagani, Les Vagues residences by Elie Saab, and the W Residences Dubai – Downtown. Dar Global also has offices in the UAE, China, the UK, and Spain to manage its global project portfolio and serve its international clientele.
With a track-record of delivering 15,000 residential units and over 500,000 square metres of commercial space, the parent company Dar Al Arkan Properties, which is listed on the Saudi Stock Exchange (Tadawul), is fast-growing its portfolio across the Kingdom and expanding its international footprints. It currently has an asset base of US$8.5 billion (Dh32 billion) with market capitalisation exceeding US$4 billion.
Dar Global is also developing mixed-used communities that will have residential, commercial, hotel, retail and hospitality components. It announced a partnership with Oman Tourism Development Company (Omran), to develop Aida, a Dh14 billion mixed-use master-planned destination project that will host an exclusive mountain resort and residential development in Yiti and Yankat areas of Muscat.
Both the parties plan to invest SR6 billion to develop the project on the hills of Yiti, overlooking the Arabian Sea. The project, that will span on a 3.5 million square metres plot of terrain, will be developed in three stages.
Aida will be located 20-minutes from Downtown Muscat, a paradise with a distinctive terrain where the earthy atmosphere envelops as part of a large master development, situated 100 metres above the shores of the Arabian Sea in Muscat, comprising of 3,500 residential units of medium-sized villas, townhouses, and low-rise apartments. A place with two charming hotels of 450 rooms, a plaza filled with cafes and restaurants, a gated promenade with luxury retail and other amenities.
“Our project in Oman builds on Dar Al Arkan’s strategic aspirations of elevating the standards and quality of the real-estate sector in the region, but most importantly, with this project, we’re working to ensure a sustainable and environmentally friendly approach to building a large, mixed-use development that fits in with the characteristics of the area,” Ziad El Chaar says.
“Aida sits atop one of the world’s highest peaks, a place where all the noise is quietened, composing a beautiful symphony. Overlooking one of the most breath-taking horizons in the world, will lie a place bubbling with inspiration.”
The project is one of the largest urban developments in Oman, extending to a total area of over 11 million square kilometres. The project masterplan was designed to ensure innovative standards in urban development and place-creation, and the adoption of architectural foundations in harmony with the rich natural surroundings.
Dar Global and The Trump Organisation recently signed an agreement in New York for the development of a signature Trump Resort, including residential villas, a hotel, and a golf course in the stunning Aida project. Located in the heart of the capital, Muscat, the 100-meter-high hilltopdevelopment is one of the largest premium mixed-use real estate projects in the world, situated directly by the sea.
In a statement, Eric Trump, Executive Vice President, The Trump Organization, said: “When we were looking at our next project and where we wanted to expand our footprint, we knew it had to be in an outstanding location and with an amazing team. At Aida, in the heart of Muscat, Oman situated directly overlooking the incredible sea, we have truly found that. Together with Dar Global, we are going to deliver an exceptional Trump Golf resort with the finest residential villas, a world-class hotel, and an iconic golf course, all in one of the most beautiful settings.”
The company has also launched a QR1 billion project, Les Vagues, in Qatar, in partnership with Qetaifan Projects, fully owned by Katara Hospitality. The interiors of the units will be designed by famous fashion and lifestyle designer Elie Saab.
In Dubai, Dar Global has commenced the construction of the Dh1 billion W Residences Dubai Downtown. It is also re-doing the interiors of the Da Vinci Tower – a twin tower complex with a distinct architectural landmark that stands out amid scores of beautifully-designed properties at Business Bay, in partnership with Italian hypercar manufacturer Pagani Automobili.
Originally named J One Tower, Da Vinci Tower that hosts 347 apartments, has been developed by RKM Real Estate and Dar Al Arkan. Construction of the project started in 2017 and completed in 2022. Towe A consists 19 floors housing 257 residential units, while Tower B which consists of 18 floors, will host the Pagani apartments.
Each of the 80 apartments will be designed by Horacio Pagani, Founder and Chief Designer of Pagani Automobili. With prices starting from Dh6.5 million apice, the project will be ready for handover in the third quarter of 2023.
Ziad El Chaar, who is known for bringing fashion branded residences in the real estate sector, said, “This is the first Pagani-designed property in the world. Pagani is known for class, finesse in designer supercars. It took us a while to convince him to design homes for our investors and after a lot of due diligence on us, he agreed to partner with us.
“These apartments will be a class apart from the rest and with Pagani, we are bringing the best of the best to Dubai. The Pagani-designed homes will re-define luxury. These would be prized possessions.”
Reflecting the cornerstone of Horacio Pagani’s creative philosophy that combines form and function to create unique, handmade objects, all 80 apartments will be adorned with tailored pieces from the line of Pagani branded furniture. This, combined with a blend of high-end marble and wooden flooring dotted with chevron patterns, doors bearing the Pagani emblem, and custom lighting, is nothing short of captivating, the developer said in a statement.
The three-bedroom apartment redefines the dimensions of space for those looking to make Dubai their home. It also demonstrated a unique confluence of Italian and contemporary design excellence that is slated to characterise the entire inventory, epitomising Pagani’s craftmanship and emphasising the concept of Living Above Luxury.
While Pagani’s signature style will be weaved in all corners of the apartments, every room will have a distinct character, the developer says. From the kitchen, with its Italian design and welcoming feel, to the car simulator room, exemplifying a perfect man cave with its leather padded walls and cockpit-inspired shape, these one-of-a-kind apartments will set a new standard for contemporary living.
All the apartments will have private outdoor spaces and open flowing light-filled interiors, with panoramic views of the canal, Burj Khalifa, and Downtown Dubai, providing a relaxing haven where every nook has been meticulously designed to delight the senses.
A stunning Dh800 million development, DaVinci Tower features high-end one, two, and three-bedroom apartments and a uber luxurious penthouse shaped like a globe with a private elevator. The common areas will be well appointed with a fully equipped gymnasium, swimming pool, and a stunning sky garden, all designed with utmost attention to detail. Residents will also have access to additional luxury facilities and services. The tower will also have a grand lobby with a 24/7 concierge and security service.