Author: Kou Gui Qin
NEW YORK (Reuters) – Saudi Arabian real estate developer Dar Global is seeking partners to develop luxury homes in the United States and plans to invest $300 million in New York, Miami and Los Angeles in the coming months.
London Stock Exchange-listed Dar Global hopes to announce its latest U.S. development plans by the end of the year, said Dar Global Chief Executive Ziad El Chaar, who said Dar Global is meeting with major real estate developers but declined to name any potential partners.
“We are focused on completing our first project in the U.S. by the end of the year,” El Chaar said in an interview in Dubai. He said Dar Global was open to borrowing both in the U.S. and abroad to finance the U.S. project, and that the $300 million investment would come in the form of equity.
Dar Global, the international arm of Saudi Arabia’s Dar Al Arkan real estate development company, hopes to sell at least half of the homes it develops in the United States to buyers outside the United States, El Chaar said.
Dar Al Arkan inked a deal in November 2022 with former US President Donald Trump’s company, the Trump Organisation, to use the Trump brand for a $4 billion project in the Gulf state of Oman, including golf courses, hotels and villas.
Trump has cultivated close ties with Gulf states during his presidency, and Saudi Arabia has invested $2 billion in a company set up by Jared Kushner, Trump’s son-in-law and former aide, after he left office.
El-Char said it would be an “honor” for Dal Global to partner with the Trump Organization and Kushner Companies, Kushner’s family real estate company, in expanding in the United States, but he didn’t think the companies had “the right product” because they were too focused on the U.S. market rather than the international buyers Dal Global was targeting.
(Reporting by Kou Gui Ching in New York; Editing by Matthew Lewis)
