Saudi Arabia’s Dar Al Arkan plans Abu Dhabi mission as property market recovers

Saudi property developer Dar Al Arkan is planning to start out a brand new residential mission in Abu Dhabi subsequent 12 months, because the UAE‘s property market bounces again from the coronavirus-induced slowdown.

The mission would be the firm’s fourth within the UAE and first in Abu Dhabi, vice chairman Ziad El Chaar advised The Nationwide.

The Tadawul-listed firm, with belongings value greater than 32 billion Saudi riyals ($8.53bn), is presently constructing three residential tasks in Dubai — Dar Al Arkan Pagani Tower close to the Dubai Canal, City Oasis by Missoni and W Residences in Downtown Dubai.

“Abu Dhabi is a promising market … we’re in discussions with many events to accumulate some key plots to enter the market quickly,” Mr El Chaar mentioned.

The brand new mission, which is predicted to be launched within the first quarter of subsequent 12 months, will serve “second homebuyers, traders and the top person who resides at the moment within the previous areas of Abu Dhabi and wish to transfer to those extremely serviced communities”, he mentioned.

The mission may even give attention to Saudi residents as there are “an excellent variety of Saudi nationals who additionally put money into Abu Dhabi and spend probably the most of their holidays in Abu Dhabi”.

Mr El Chaar didn’t disclose the overall price of the mission however mentioned the corporate’s tasks are “sizeable”, with every mission valuing about “Dh1bn ($272 million)”.

The three Dubai tasks presently below development are valued at round Dh4.5bn, he mentioned.

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