As set out in the Prospectus published by the Group on 23 February 2023, Dar Global PLC, the luxury international real estate developer, is pleased to announce a trading update on the Group’s financial position and performance including certain key unaudited financial information in relation to the full-year ended 31 December 2022. This update also includes a profit and loss statement for the three months to 31 March 2023 and the balance sheet as at 31 March 2023. The Group is expecting to release its half-year financial results covering the period ending 30 June 2023 no later than 30 September 2023.
The Group was admitted to the Main Market of the London Stock Exchange on 28 February 2023. It focuses predominantly on developing real estate projects comprising of second homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe, with plans to also develop hospitality assets.
Ziad El Chaar, CEO, commented:
“Dar Global has delivered excellent financial and operational performance since our successful listing, with growth across all key metrics.
“Our expansion in the luxury second homes market across the Middle East and Europe has generated strong interest from buyers seeking the best in luxury investment opportunities and exceptional properties that cater to their internationally mobile lifestyles. Unlike other customer groups, the investment decisions of the Ultra High Net Worth Individuals (UHNWI) who we typically serve are unaffected by the current global economic uncertainty, which helps ensure a consistent performance for Dar Global throughout the cycle.
“Since listing, we have unveiled several exciting new developments and partnerships which continue to set Dar Global’s business apart. These include the launch of AIDA in Oman, Dar Global’s first integrated master plan and DG1, our first own-brand luxury living concept in Dubai’s Business Bay district.
“During the year, we are planning to further expand our luxury brand portfolio offering with prestigious projects in the Spanish regions of Benahavis and Finca Cortesin, which will be developed in collaboration with world renowned luxury brands. Additionally, we are making our debut in hospitality with the renowned ‘Made in Italy’ brand, Dolce & Gabbana, to create a signature hospitality experience in the Maldives.
“These projects position Dar Global as a highly differentiated leader in luxury property development, well-prepared to navigate the wider macro-economic uncertainties and deliver sustainable growth for our shareholders. We are pleased with our progress to date on all our projects, sales continue to perform in line with our expectations and we are confident about our prospects given the markets we have chosen to be active in.”
- Improved earnings in Q1 2023 as the Group progresses towards the delivery of its first residential project – the Urban Oasis Tower by Missoni in Dubai, UAE;
- Strong liquidity with cash and cash equivalents of c. US$171 million (includes escrow retentions) as at 31 March 2023;
- Portfolio GDV of US$4,810 million as at 31 March 2023 across 11 active projects in the UAE, Qatar, Oman, UK, Spain, and Bosnia (31 December 2022: 10 active projects with GDV of US$4,652 million);
- Contracted sales as at 31 March 2023 amounting to a total sales value of c. US$589 million (c. 12% of the total GDV) in relation to 948 units;
- New development launches during Q1 2023 included AIDA, Dar Global’s development in Oman to build c. 4,000 homes on a new golf course development and DG1, Dar Global’s first own-brand luxury living concept comprising 221 apartments, located in the heart of Dubai’s Business Bay district;
- New brand partnerships – Dolce & Gabbana / Maldives: The Group unveiled its partnership with the world-renowned luxury brand, Dolce & Gabbana in its debut in the hospitality industry. This partnership marks the launch of a bespoke hospitality project that seamlessly merges the unrivalled style and sophistication of Dolce & Gabbana with Dar Global’s unparalleled attention to detail and world-class standards in the Maldives.
About Dar Global:
Dar Global PLC is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe, including downtown Dubai, Muscat in Oman and the Costa del Sol region in Southern Spain.
Dar Global was originally established to house and develop the international (non-Kingdom of Saudi Arabia based) assets of Dar Al Arkan Real Estate Development PJSC (“DAARE”), a leading real estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,000 residential units with total assets of c. US$8.5 billion.
The Group also plans to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after a period of three to five years of operation once the hotels or resorts’ revenue streams stabilise. Target markets include Southern Spain, Dubai, Maldives, Athens, Marrakesh and London.
Dar Global was admitted to the Main Market of the London Stock Exchange on 28 February 2023.