Dar Al Arkan and SNASCO Real Estate launch joint venture to develop luxury real estate tower on Jeddah Corniche

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Riyadh, KSA: Dar Al Arkan and SNASCO Real Estate, two of the leading real estate companies in Saudi Arabia with a broad portfolio of prestigious projects, have signed a joint venture agreement to drive the development of the luxury property market, and catalyse the diversification and growth of the Kingdom’s real estate industry.

The joint venture will develop a luxury residential tower in the heart of the Jeddah Corniche. Featuring around 300 luxury apartments directly overlooking the Red Sea, the homes will capture the timeless appeal of seafront living coupled with modern living amenities and services. Work on the development is expected to start in Q4 2021.

Yousef Al Shelash, Chairman, Dar Al Arkan Properties, said: “The new joint venture embodies the strategic aspirations of Dar Al Arkan and SNASCO, not only in contributing to and elevating the real estate sector for the future of the economy, but also in forging local collaborations to achieve important developmental milestones for the Kingdom. This project reinforces our new strategic direction to focus on the enhancement and growth of the Western Region, specifically Jeddah, and highlight the transition of the real estate sector to world-class standards.”

Saleh Al Sorayei, Chairman, SNASCO Real Estate, said: “We are delighted to work with Dar Al Arkan on this unique project. Bringing together the strengths and expertise of both of our organisations will position this world-class residential tower as a much sought-after development and set new standards for luxury living. A visionary project that sets highly competitive standards, it will further diversify the choices available in the luxury real estate market.”

Popular with residents and visitors, the Jeddah Corniche, which stretches over 30 kilometres along the coast, is one of the popular residential and recreational destinations featuring restaurants, retail outlets, hotels, an aquarium, a cultural centre, parks, and fountains. Dar Al Arkan and SNASCO’s luxury tower will further amplify the corniche’s appeal as a prominent residential location.

About Dar Al Arkan Properties:

Dar Al Arkan Properties is the real estate development arm of Dar Al Arkan real estate development, a 26 year old public shareholding company listed on the Saudi Stock Exchange (Tadawul). Headquartered in Riyadh, Saudi Arabia, Dar Al Arkan plays is today the largest developer in the Kingdom of Saudi Arabia. Dar Al Arkan Properties focuses on developing elegantly designed residences and thriving commercial centres in central locations in the Kingdom. With a track-record of delivering 15,000 residential units and over 500,000 square metres of commercial space, Dar Al Arkan Properties is fast-growing its portfolio across the Kingdom and expanding its international footprint to Dubai and Bosnia. www.daralarkan.com

About SNASCO Real Estate:

SNASCO Real Estate one of leading real estate developers in Saudi Arabia established before 30 years ago, we develop most winning and profitable projects in this market, our industry experience & willing place us in outstanding leadership position through advanced business plans and feasibility studies for any project before we start on it to understand more expected returns and benefits. www.snasco-re.com