Logo of Dar Al Arkan Real Estate Development Co.
Dar Al Arkan Real Estate Development Co. (Dar Al Arkan) announced the signing of an agreement between its subsidiary Dar Al Arkan Global and The Trump Organization, on Nov. 16, to develop Trump’s signature residential villas, a hotel and a golf course in the AIDA joint venture in Oman, the developer said in a statement to Tadawul.
The AIDA project is currently being developed with the support of Oman Tourism Development Co. (OMRAN Group). The project is expected to cost $4 billion, and will be developed over 10 years on an area of 3.5 million square meters.
There is no material financial impact on Dar Al Arkan to date, the statement said, adding the project falls within the subsidiary’s scope.
Dar Al Arkan and OMRAN Group, the executive arm of Oman’s tourism development, signed a partnership agreement in March to co-develop SAR 6 billion “AIDA” project.
Dar Al Arkan Global, headquartered in the UAE, is one of Dar Al Arkan’s subsidiaries. It owns and develops the latter's projects in the GCC, Arab countries and European countries, including the AIDA project in Oman, the statement added.
Dar Al Arkan also noted that there is no material impact on Dar Al Arkan Global until the date of this agreement. Any further updates in this regard will be announced later.
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