Saudi Developer Sets US Sights with $300 Million Investment

Saudi Arabian real estate developer Dar Global is setting its sights on a significant expansion into the United States, with a planned $300 million investment earmarked for luxury homes in New York, Miami, and Los Angeles. The London-listed company is actively seeking partnerships with established US developers to bring their projects to fruition, according to Dar Global's CEO Ziad El Chaar.

El Chaar expressed optimism about finalizing a deal for their initial US project before the end of 2024. He remained tight-lipped regarding the identities of potential partners, but confirmed ongoing discussions with leading real estate development firms. Financing for the US expansion will include a $300 million equity injection from Dar Global, with El Chaar indicating the company is prepared to secure additional debt financing both within and outside the United States.

Dar Global, the international arm of the prominent Saudi developer Dar Al Arkan Real Estate Development Company, has its sights set on attracting a global clientele for its US properties. El Chaar anticipates that at least half of the residences will be sold to international buyers. This expansion into the US market represents a strategic move for Dar Global, as they leverage their expertise in developing high-end residences in international gateway cities. The company boasts a successful portfolio in locations like Dubai and Riyadh, and their foray into the US market places them in direct competition with established luxury developers.

While details regarding specific properties and project timelines remain undisclosed, Dar Global's expansion plans signal growing confidence from Saudi Arabian investors in the US real estate market. This influx of foreign capital is poised to influence the development landscape in major US cities, potentially leading to an increase in high-end residential projects catering to international buyers. The coming months will be crucial for Dar Global as they finalize partnerships and unveil their initial US development project. Their success in securing a foothold in the US market will likely pave the way for further investment from Saudi Arabia and other Gulf region countries.

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