Dar Global, the global arm of Saudi Arabia’s biggest developer Dar Al Arkan, plans to buy property in the US and other countries, in a growing trend among Middle East investors to capitalise on opportunities rising in the US market.
The company, which is teaming up with the Trump organisation to develop a residential project in Muscat, is active in six countries – the UAE, Oman, Qatar, the UK, Spain and Bosnia – with projects under development worth $5.9 billion.
It aims to expand into newer markets as part of its growth strategy. In the US, the company plans to buy property in Miami and New York, chief executive Ziad El Chaar told The National in an interview.
“Miami, which used to be one type of market for mainly Latin Americans, now is attracting investment and buyers from all over the globe,” he said. “This is why we are looking at the market in Miami.”
Dar Global is also looking to work with a developer to buy projects in New York, the financial and economic centre of the US.
He did not divulge details about what kind of projects it plans to buy.
However, in New York, the company is working with some developers to “reactivate projects that have been launched before but were not completed”.
Middle East investors have shown growing interest in US real estate. Last week, Bahrain-based asset manager Investcorp announced it was teaming up with two sovereign wealth funds to form a $526 million fund to invest in industrial real estate in the US, where the company sees “attractive” opportunities to grow its footprint.
Bahrain's Arcapita is also investing in the US and has investments in the industrial and logistics sectors, as well as housing for senior citizens.
GFH Financial Group in Manama, which acquired a student housing portfolio in 2021, exited the asset last year, delivering total proceeds of 122 per cent to investors, it said in December.
From the UAE, the Abu Dhabi Investment Authority, one of the world's biggest sovereign wealth funds, is also investing in US real estate.
In its annual report last year, the fund said it remained committed to its existing urban logistics exposure in the US, Europe, Australia and China, and was exploring further selective investments.
In London, Dar Global aims to launch a project with another developer or acquire projects ready for sale from other developers.
In Saudi Arabia, it is bidding for a new plot of land in Riyadh to build a 400-villa project.
“There is a building global interest in investing in real estate in Saudi,” amid the kingdom’s new residency programme, Mr El Chaar said.
Earlier this year, Saudi Arabia launched five visas to attract skilled professionals and investors as the Arab world’s biggest economy seeks to strengthen its position as a global centre for business.
The new visa categories – special talent, gifted, investor, entrepreneur and real estate owner residency – will offer holders “unparalleled opportunities for settling in Saudi Arabia”, Majid bin Alkassabi, chairman of Saudi Arabia’s Premium Residency Centre, said in January.
The new initiative also allows permanent residency in the kingdom with 4 million Saudi riyals ($1.1 million) of investment in property, according to Mr El Chaar.
The company aims to finance new projects through its own money and by borrowing from the market.
“We've ended the year with a fee cash position of $220 million and we still have not utilised yet the support that our parent company pledged to support us in terms of funding for acquisitions.”
The US market is also “very active in funding developers with a good balance sheet like ours … and the balance sheet of our parent company”.
Dar Global was established in 2017 to manage the Saudi developer's international assets. It focuses on developing premium properties, such as luxury second homes and holiday homes. Last year, it raised $72 million from its listing on the London Stock Exchange.
It reported $83.2 million in profit for 2023, compared to a loss of $5.2 million in the previous year, as revenue surged more than four times to $360.6 million on the back of the sale of homes from its projects globally.
The company is also looking to start a new project in Dubai this year – its fifth in the emirate – amid higher demand.
Dar Global is currently developing projects worth $1.03 billion in Dubai. Most of the more than 1,200 units it is building were sold to customers from 90 nationalities, with people from the Indian subcontinent and the UK dominating the list. It is also developing new projects in Qatar and Oman.
The company has teamed up with the Trump Organisation to develop a $4 billion complex that will include residential villas, a hotel and a golf course in Muscat.
Mr El Chaar is optimistic about the GCC real estate market amid new initiatives from regional governments to attract investors.
“I see a very big demand for GCC … whether we talk about Dubai, Abu Dhabi, Ras Al Khaimah, Doha, Jeddah, Riyadh, Muscat … they are building so many attractive opportunities and so many amenities and [making] investment in infrastructure to bring on more international investors and international vacationers as second home buyers,” he said.
The UAE introduced initiatives such as residency permits for retirees and remote workers, in addition to expanding its 10-year golden visa programme, which has helped the property market to rebound from the Covid-induced slowdown.
Dubai registered a record 1.6 million property transactions across all market segments last year, up 13 per cent on the previous year, while the value of deals rose by 20 per cent annually to Dh634 million.
Abu Dhabi's property market also continued to maintain its growth trajectory amid higher demand from buyers.
The ValuStrat Price Index, which analyses changes in property values, grew by 4.2 per cent annually for the UAE capital last year.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
MO
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The%20Last%20White%20Man
%3Cp%3EAuthor%3A%20Mohsin%20Hamid%C2%A0%3C%2Fp%3E%0A%3Cp%3E192%20pages%C2%A0%3C%2Fp%3E%0A%3Cp%3EPublished%20by%3A%20Hamish%20Hamilton%20(UK)%2C%20Riverhead%20Books%20(US)%3C%2Fp%3E%0A%3Cp%3ERelease%20date%3A%20out%20now%20in%20the%20US%2C%20August%2011%20(UK)%3C%2Fp%3E%0A
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More from Neighbourhood Watch:
MORE ON CORONAVIRUS & THE ECONOMY
ROUTE%20TO%20TITLE
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COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3ESplintr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202019%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EMohammad%20AlMheiri%20and%20Badr%20AlBadr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20and%20Riyadh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Epayments%20%2F%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E10%20employees%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%20seven-figure%20sum%20%2F%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Eseed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Eangel%20investors%3C%2Fp%3E%0A
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
UAE currency: the story behind the money in your pockets
Hot%20Seat
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Mohammed bin Zayed Majlis
Company%20Profile
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
The%20specs
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Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
