Dar Global, the international arm of Saudi Arabia's leading property developer Dar Al Arkan, is eyeing acquisitions in the United States as part of its ambitious expansion strategy. This move reflects a growing trend of Middle Eastern investors seeking opportunities in the US market.
Ziad El Chaar, Chief Executive Officer of Dar Global, highlighted Miami and New York as potential targets for the company's US foray. Miami's transformation from a primarily Latin American-focused market to a global investment hub is a key factor in their interest. "Miami used to cater mainly to Latin American buyers, but now it attracts investment and buyers from all over the world," El Chaar explained. "That's why we're looking at the Miami market."
Dar Global is also exploring partnerships with established US developers, particularly in New York City, the nation's financial and economic powerhouse. While details regarding the specific types of properties they seek remain undisclosed, El Chaar emphasized their commitment to capitalizing on the burgeoning US market.
This expansion push comes on the heels of Dar Global's impressive track record. With a current portfolio encompassing projects valued at over $5.9 billion across six countries – the United Arab Emirates, Oman, Qatar, Spain, Bosnia, and the United Kingdom – the company boasts a strong foundation for international growth. Notably, they are collaborating with the Trump Organization on a residential project in Muscat, Oman.
Dar Global's expansion strategy extends beyond the US. The company is actively considering new ventures in the United Arab Emirates, Saudi Arabia, and the United Kingdom. This multi-pronged approach underscores their commitment to solidifying their presence as a major player on the global real estate stage.
The influx of Middle Eastern capital into the US property market is a trend gaining significant momentum. Investors are drawn to the perceived stability and potential for strong returns in the US market, particularly in gateway cities like Miami and New York. Dar Global's move is emblematic of this broader trend, and their success in the US market will be closely watched by industry players around the world.