Saudi property developer Dar Global intends to invest USD 300 million in luxury housing projects across New York, Miami, and Los Angeles. CEO Ziad El Chaar aims to finalise their first US project by year-end, emphasising equity financing and potential debt issuance. The firm targets selling half of the homes to international buyers, differing from US-focused firms like the Trump Organisation and Kushner Companies. El Chaar acknowledged potential collaboration interest with these entities but noted their market focus divergence. Dar Global's expansion into the US underscores their growth strategy in high-end residential markets amid global investment ventures.
Saudi Arabian property developer Dar Global has announced plans to invest USD 300 million in luxury housing projects across key American cities including New York, Miami, and Los Angeles. This move marks Dar Global's ambitious entry into the US real estate market, with the company aiming to finalise its first project before the end of the year.
Ziad El Chaar, CEO of Dar Global, expressed confidence in securing partnerships with top US real estate firms, although specific partners were not disclosed. He emphasised that the investment would be financed primarily through equity, with potential additional funding sourced from debt markets both in the US and abroad.
El Chaar highlighted Dar Global's strategy to target international buyers, aiming to sell at least half of the homes in these developments to non-US residents. This approach contrasts with the focus of entities like the Trump Organisation and Kushner Companies, which, according to El Chaar, are more geared towards the domestic US market.
In November 2022, Dar Al Arkan agreed to use the Trump brand for its USD 4 billion project in Oman, featuring a golf course, hotel, and villas. Former US President Donald Trump, known for his strong ties with Gulf states, including Saudi Arabia, where USD 2 billion was invested through a firm associated with Jared Kushner after Trump's presidency.
Ziad El Chaar expressed respect for partnering with the Trump Organisation or Kushner Companies in Dar Global's US expansion. However, he feels their focus on the US market doesn't match Dar Global's international buyer strategy, suggesting they lack the appropriate product for their needs.
The firm's foray into the US market underscores its commitment to growth and diversification, leveraging its expertise and capital to capitalise on luxury housing opportunities in major American cities.
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