Dar Al Arkan’s chairman Yousef Al Shelash is gearing up for the“leap” in Saudi Arabia’s real estate market, after recently raising $2.2bn in Islamic bonds to spend on growing its portfolio.
Al Shelash sees huge potential for real estate developers in the housing sector in Saudi Arabia, particularly as official figures indicated that the Kingdom’s demand for housing in the next 15 years will increase by 4mn units.
Dar Al Arkan’s latest residential projects include a gated community north of Riyadh, the Shams ArRiyadh project, which will provide more than 1,110 housing units.
It is also planning a new multi-purpose project in the Eastern Province, which Al Shelash expects will be the largest real estate project in the country.
“This huge number undoubtedly provides a strong opportunity for real estate developers, in addition to the growing demand for tourist and commercial property as well as malls and recreational centres. These factors mean the next 10 years are geared up to experience a leap in real estate in the Kingdom,” he said.
Last year, Dar Al Arkan declared a net profit of $181.7mn on revenues of $781.5mn.
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