Staff Report
Dubai, UAE
Dar Global PLC, a Dubai-based global real estate developer with US$4.81 billion worth of gross development value, said, it will develop Dolce & Gabbana-branded hospitality project in the Maldives. w
“The group unveiled its partnership with the world-renowned luxury brand, Dolce & Gabbana in its debut in the hospitality industry. This partnership marks the launch of a bespoke hospitality project that seamlessly merges the unrivalled style and sophistication of Dolce & Gabbana with Dar Global’s unparalleled attention to detail and world-class standards in the Maldives,” a company statement said.
The company which is listed on the London Stock Exchange, reported improved earnings in the first quarter of 2023 as the group progresses towards the delivery of its first residential project – the Urban Oasis Tower by Missoni in Dubai, UAE.
Its cashflow remains strong with cash and cash equivalents of c. US$171 million that includes escrow retentions, as at 31 March 2023.
The company’s Gross Development Value (GDV) portfolio stands stable at US$4.81 billion as at 31 March 2023 across 11 active projects in the UAE, Qatar, Oman, UK, Spain, and Bosnia, compared to 10 active projects with GDV of US$4.65 billion in 31 December 2022
Contracted sales as at 31 March 2023 amounting to a total sales value of US$589 million (12 percent of the total GDV) in relation to 948 units;
New development launches during Q1 2023 included AIDA, Dar Global’s development in Oman to build 4,000 homes on a new golf course development and DG1, Dar Global’s first own-brand luxury living concept comprising 221 apartments, located in the heart of Dubai’s Business Bay district;
Ziad El Chaar, Dar Global’s CEO, commented: “Dar Global has delivered excellent financial and operational performance since our successful listing, with growth across all key metrics.
“Our expansion in the luxury second homes market across the Middle East and Europe has generated strong interest from buyers seeking the best in luxury investment opportunities and exceptional properties that cater to their internationally mobile lifestyles. Unlike other customer groups, the investment decisions of the Ultra High Net Worth Individuals (UHNWI) who we typically serve are unaffected by the current global economic uncertainty, which helps ensure a consistent performance for Dar Global throughout the cycle.
“Since listing, we have unveiled several exciting new developments and partnerships which continue to set Dar Global’s business apart. These include the launch of AIDA in Oman, Dar Global’s first integrated master plan and DG1, our first own-brand luxury living concept in Dubai’s Business Bay district.
“During the year, we are planning to further expand our luxury brand portfolio offering with prestigious projects in the Spanish regions of Benahavis and Finca Cortesin, which will be developed in collaboration with world renowned luxury brands. Additionally, we are making our debut in hospitality with the renowned ‘Made in Italy’ brand, Dolce & Gabbana, to create a signature hospitality experience in the Maldives.
“These projects position Dar Global as a highly differentiated leader in luxury property development, well-prepared to navigate the wider macro-economic uncertainties and deliver sustainable growth for our shareholders. 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.”
Dar Global was originally established to house and develop the international (non-Kingdom of Saudi Arabia based) assets of Dar Al Arkan Real Estate Development PJSC (DAARE), a leading real estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,000 residential units with total assets of c. US$8.5 billion.
The Group also plans to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after a period of three to five years of operation once the hotels or resorts’ revenue streams stabilise. Target markets include Southern Spain, Dubai, Maldives, Athens, Marrakesh and London.
Dar Global was admitted to the Main Market of the London Stock Exchange on 28 February 2023.
