Dar Al-Arkan eyeing Maldives market, says CEO

Dar Al-Arkan Real Estate Development is “seriously” looking at foraying into the Maldives resorts market, as part of plans to expand its recurring income portfolio, company chief executive Ziad El Chaar told Argaam.

"It’s just an exploratory stage for now, but with a ‘solid’ interest," El Chaar said, without elaborating.

Last year, the developer announced plans to float a 30 percent stake in Dar Al-Arkan Properties, its wholly-owned subsidiary, through an initial public offering (IPO). Its income-producing assets are estimated at SAR 2.70 billion.

In January, El Chaar told Argaam that the company was moving as quickly as possible to complete the listing process. However, the CEO shared no new update on the listing.

Dar Al-Arkan's SAR 25-billion property development portfolio currently includes two master communities in Saudi Arabia – Shams ArRiyadh in Riyadh and Shams Al Arous in Jeddah – as well as SAR 816.9 million "I Love Florence Tower" in Business Bay, Dubai.