International Developer Sets Sights on Major U.S. Markets with $300 Million Investment
International Developer Sets Sights on Major U.S. Markets with $300 Million Investment
Miami, 07/09/2024 – DarGlobal, the international arm of Saudi Arabia’s Dar Al Arkan Real Estate Development Co., is making a significant move into the U.S. luxury real estate market with a $300 million equity investment. The company plans to develop high-end condos in major cities such as Miami, Los Angeles, and New York. CEO Ziad El Chaar has confirmed that meetings with leading U.S. developers are underway, though the specific firms remain undisclosed.
The strategy includes not only the equity investment but also additional debt financing sourced from both U.S. and international lenders. DarGlobal aims to attract a diverse clientele, including both international and domestic buyers, with the goal of selling at least half of its units to U.S. residents.
Last year, DarGlobal made headlines with its collaboration with luxury car brands. In June, they partnered with Lamborghini to announce Tierra Viva, a collection of 53 luxury villas near Marbella, Spain. This was followed by another high-profile project in collaboration with Aston Martin for beachfront condos in the United Arab Emirates.
DarGlobal has also forged multiple collaborations with former President Donald Trump’s real estate company. On the same day they announced their $300 million investment in the United States, they revealed plans for Trump International Oman, a 140-key hotel scheduled to open in late 2028. Additionally, they announced another project with the Trump Organization for a property in Jeddah, Saudi Arabia.
In the Middle East, DarGlobal has been actively expanding its portfolio. One of their notable projects includes the development of W Residences in Dubai, United Arab Emirates. Beyond the Middle East, the company’s presence extends to Spain, with two ongoing projects, and London, where they offer a luxury five-bedroom apartment for lease and have two more short-term rental projects in the pipeline.
Established in 2017 and publicly listed on the London Stock Exchange in February with a valuation of approximately $600 million, DarGlobal is poised for significant growth. While initially 88% owned by its parent company, Dar Al Arkan, plans are in place to increase public ownership as the company continues its expansion.
A notable project that showcases DarGlobal’s commitment to luxury real estate is their collaboration with a prominent Miami-based developer to create a stunning waterfront condo complex in the heart of Miami. This project, set to break ground later this year, will feature state-of-the-art amenities and breathtaking views of Biscayne Bay, further solidifying Miami’s status as a global luxury real estate hotspot.
DarGlobal’s ambitious vision and strategic approach position it as a rising star in the global luxury real estate market. With its diverse portfolio, substantial financial backing, and focus on key markets, the company is well-prepared to navigate the complexities of international expansion and deliver on its ambitious goals.