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Dar Al Arkan unit aims for $700m revenue in two years

By Pramod Kumar
Developer Dar Global's revenue jumped 351 percent year on year to $360.6m in 2023 Dar Global
Developer Dar Global's revenue jumped 351 percent year on year to $360.6m in 2023

Dar Global, the international real estate arm of Saudi-listed Dar Al Arkan, is targeting $700 million in combined revenues for 2024 and 2025 amid expansion beyond the GCC region.

Following its London Stock Exchange listing, the company’s growth strategy in new markets and territories has seen the gross domestic value of its portfolio rise to $6 billion across 12 projects.

Revenue jumped 351 percent year on year to $360 million in 2023. Profit before tax stood at $81 million last year, compared to a loss of $5.2 million in 2022. Gross profit stood at $146 million. Ebitda’s margin was 41 percent.

Sales reached 1,498 units worth $1 billion, as net asset value grew to $465 million in 2023 from $ 281 million in 2022.

The developer holds cash of $238 million, comprising free cash of $80 million and restricted cash balances (escrow and escrow retention) of $158 million. Total liquidity reached $216 million (including undrawn debt facilities), providing flexibility to capitalise on project opportunities in the year ahead.

Dar Global CEO Ziad El Chaar said the company’s pipeline of developments and strong capital position will allow it to enter new markets.

With four active projects in the UAE, Dar Global is on track to completing and handing over its Urban Oasis Tower in Dubai in the first quarter of 2024, followed by the Da Vinci Tower by Pagani later this year.

Dar Global’s project portfolio includes the Aida masterplan in Oman, developed under a joint development agreement with the Oman Tourism Development Company and Les Vagues, a residential project in Qatar scheduled for completion in Q1 2027.

In London, Dar Global is due to complete its project at 149 Old Park Lane in the first quarter of 2024, while 8mins-to-Central and Oh So Close are scheduled for completion in June 2024.

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