Dar Al-Arkan eyes approval for Shams Arriyadh by Q2
Dar Al-Arkan Real Estate Development Co. is expecting to obtain the final approval required for Shams Arriyadh project by the end of Q2-2017, according to its annual report. The real estate developer has completed 49 percent of the required infrastructure.
The company is currently getting regulatory approvals on its Juman project, after modifying the master plan in 2016. Dar Al-Arkan will manage the project, in which 8.2 million square meters of lands will be reclaimed in the Eastern Province.
Meanwhile, initial designs for Jeddah’s Shams Al-Arous and Al Tilal development in Madinah were developed in 2016.
The first phase of Jeddah-based Qasr Khozam, which included evacuations and demolition, was finalized. Assessment details for the second phase will be submitted to competent authorities for approval.
Vision for the Saudi real estate market will remain unclear in 2017, amid weak performance due to lower oil prices along with regional and global political and economic instability.
Meanwhile, its major shareholder and board director Khalid Abdullah Al-Shelash cut his stake in the company to 2.57 percent from 6.45 percent after divesting over 41 million shares by the end of 2016, the board report showed.