Dar Al-Arkan Real Estate Development Co. plans to invest in projects outside the kingdom, such as in Dubai, London or elsewhere in Europe, before the end of 2017 to diversify its real estate portfolio, the company’s chairman Yousef Al-Shelash told CNBC Arabia.

 

The Tadawul-listed developer will not distribute dividends, due to a lack of liquidity, he said.

 

Looking ahead, the year 2017 is expected to be tough, Al-Shelash said, adding that the developer hopes to launch new projects to improve earnings this year or the next.

 

Financial results for Q1 2017 are still being reviewed, he added. 

 

Commenting on Dar Al-Arkan's recently issued $500 million sukuk, the chairman said that it was the company's third listing in Dubai out of eight previous ones. 

 
The developer plans to use proceeds from the sukuk to carry out several projects in Riyadh, Jeddah and Dammam, Al-Shelash said earlier this month. 

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