- Dar Al-Arkan Real Estate
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Dar Al-Arkan Real Estate Industry Property development Headquarters Riyadh, Saudi Arabia Employees Over 450 Website www.AlArkan.com Dar Al-Arkan Real Estate(Arabic: دار الأركان)is a Saudi Arabian property development company. It is the largest developer by market value in Saudi Arabia.[1]
Based in Riyadh, It was established in 1994 by six prominent business families with significant real estate development experience in response to the increasing demand for quality housing from the rapidly growing Saudi population. From July 2002 to January 2004, Dar Al-Arkan operated as a limited liability company with a capital base of SR140 million (US$37 million).
Dar Al-Arkan increased its capital [2] to SR5.4 billion (US$1.4 billion) through a private placement in the domestic market in 2004 while converting to a partnership limited by shares. Subsequent to the private placement, Dar Al-Arkan converted to a joint stock company in 2005 [3](i.e. a company with a minimum of five shareholders who are restricted from selling their shares (except with respect to transfers to each other) for a period of at least two years and can be listed on the Saudi stock exchange). The founding shareholders currently own 70% of the Company. In December 2007, the Company listed its shares on the Saudi Stock Exchange (Tadawul All Share Index) under the symbol 4300.
The progression of Dar Al-Arkan from a small real estate developer to one of the largest in KSA is a result of consistent growth since its inception. Coupled with significant growth and expansion during the last five years, Dar Al-Arkan was well positioned to capitalise on the economic boom in the Kingdom. During this period, Dar Al-Arkan substantially increased the scale of its activities, both in terms of number and size of projects. Increasingly, Dar Al-Arkan is the leading provider of master-planned lifestyle communities from the private sector in the KSA market.[4]
Dar Al-Arkan’s rapid growth corresponds to a clear shortfall in the supply of housing units and an increasing demand for residential real estate in KSA, particularly within the middle-income segment of the market. Further, KSA has a relatively youthful population (particularly among Saudi nationals) and growth rates are high. As at 2005, it is estimated that about 37% of the population is below the age of 15, 56% below the age of 25 and almost 66% below the age of 30. Population growth is expected to remain high and therefore Dar Al-Arkan’s management expects the rate of new household formation to continue to rise for the foreseeable future.
As of 31 December 2008, Dar Al-Arkan had total assets of SR20.1 billion (US$5.3 billion), with shareholders’ equity of SR11.7 billion (US$3.1 billion). Total revenues and net income reached SR5.6 billion (US$1.5 billion) and SR2.3 billion (US$628 million), respectively.
In addition to its head office in Riyadh, Dar Al-Arkan has offices and branches across KSA, including Mecca, Jeddah and Madinah. In total, Dar Al-Arkan has seven branches and employs a staff of over 450.
Contents
Projects
Shams Al Arous
In October 2009, the company announced its new Shams El-Arouss residential project in Jeddah, Saudi Arabia commencing in 2010, costing 7.5 billion riyals ($2 billion) over five years, including more than 10,000 units and associated facilities.[1]
Shams Al-Arous is a residential project which will be located in the east of Jeddah city on an area of over three million square meters. The Company is planning to develop the project as a modern integrated master planned community, which will include more than 10,000 units and all public service facilities including well coordinated public parks, entertainments centers, shopping centers, offices, restaurants, schools, mosques, etc. Construction of the first phase, which includes 2000 units is expected to start during 2010 and the entire project execution should last five years from the start. The total estimated investment value of the project is SAR 7.5 billion, with the first phase having an estimated cost of SAR 1.5 billion. The project is planned to be financed through a mix of internal and external funds.[5]
Shams Ar-Riyadh
The project will be home to 2694 units. The construction of the project started and completion is by 2012. The company is expecting the investment on the project to be three years at a value of 6 Billion Saudi Riyals.
Shams Ar-Riyadh (formerly known as Al-Riyadh View) is located in Riyadh’s Al-Dariyia district and is one of the largest residential projects ever initiated in KSA, comprising a total area of 5 million metres. The project will include 3,200 villas built on an area of approximately 1.2 million square metres with a total expected investment value of SR6.4 billion (US$1.7 billion). Notable features relating to Sham Ar-Riyadh include higher land altitude, wide roads with pedestrian pavements and scenic landscaping. The project includes allocated areas for sports, social and cultural activities, and public service facilities, as well as space for commercial purposes of approximately 472,868 square metres. The expected completion date will be during the first half of 2012.[6]
Al-Qasr
Al-Qasr is located in Al-Swaidi [suburb] of Riyadh and is divided into five zones, which will comprise of approximately 3,054 residential units, retail facilities and one commercial mall. The development is designed to cater to the middle income segment of the population and to house approximately 13,000 [people]. Al-Qasr comprises four types of individual villas, with a range of styles and sizes, as well as 16 types of apartments. Due to the scale of the project and expected high number of inhabitants, Dar Al-Arkan is also developing its first commercial mall as part of the Al-Qasr project in zone 5. The land area for the mall is 65,196 square metres, while the built up area will be 167,878 square metres. The total expected investment value for the mall is SR950 million (US$253 million). The expected completion date of the mall is during the second half of 2010.[7]
Al Tilal
The project is located in southern Medina, south of Hijra Road. The site is located in the Bani Bayyada Area and to the west is Mount Ayr which overlooks the project. The project is 7 kilometers away from the Holy Prophet Mosque and covers 2,138,738 square meters of developed land. One of the distinguishing features of the development is that it falls partially within the Haram zone boundaries. The Haram area boundary line passes through the site from the east to west and divides the project to two sections, north and south. The first phase of this project consists of 500 residential villas only with a total estimated cost of SAR 375 million (US$100 million).[8]
Qasr Khozam
Dar Al-Arkan recently launched the Qasr Khozam Project in Jeddah. The Project is a joint-investment between Dar Al-Arkan and Jeddah Development and Urban Regeneration Company, a company owned by the municipality of Jeddah. The first phase of the Project, which covers almost four square kilometres will last over six years.
Previous projects
Ishbiliyah
The project is located east of the Eastern Ring between exit 9 and 10. It is formed of 420 villas.
Al Yarmouk
The project is located on the North Eastern area of Riyadh city, near Ishbiliya project towards the north. It occupies an area of 409,775 square meters and consist of 389 residential units. Construction of the project was started in 2002. The cost of the project was 110,500,00 Saudi Riyals.
Al Munsiyah
The project is located at the North East part of Riyadh, near Dammam highway, 1 kilometer away from the Al-Yarmouk project. It occupies an area of approximately 285,822 square meters. Its residential section comprises 259 housing units. The total cost of the project was 127,700,000 Saudi Riyals.
Al Mourjan
The project is located in Yanbu city, near the sea in Al-Buhaeyra. The total area of the project is about 88,516 square meters. It consists of 95 residential units. The construction of the project started in the year 2002 . The construction was completed and sold out by the year 2006. The total value of the project is 52,100,000 Saudi Riyals.
Al Mashaer Towers
The project is located in Makkah city at a significantly important location on Aziziah street next to the Holy Mosque and the Jamarat (stoning area.) The project area is 64,621 square meters containing 7 towers; each tower consisting of a 14 storey building. The total value of the project (the cost of the project) is 174,730,000 Saudi Riyals.
Al Abrar Towers
The project is located in Makkah Al-Mukarama , near the Holy Haram, and the stoning area, 3 kilometers from the Haram. It consists of 400 residential units, comprising eight towers. The total area of the project is 58.213 sq meters. The project's construction was started in 2003 and completed in 2006. the total value of the project (the project's cost) is SAR 97,890,000.
Al Manar Residential Project
Al Manar residential project is located on the East of Jeddah City. It occupies an area of 25.143 sq meters. The project contains 28 residential units, which developed relying on four different architectural designs. The project's construction was started in 2003 and had been completed in 2005. The total value (the project's cost) reached SAR 12,900,000
Al Awali Villas
The project is located in AL Awally residential area in Mecca. AL Awally residential area is considered as one of the most modern residential areas in the city. The project occupies an area of 41.168 sq meters. It consists of 55 residential units, separate villas, all residential services are available. The project's construction was started in 2003 and finished in 2006. The total value of the project is SAR 30,400,000.
Al Tawoun
The project is located in North of Riyadh city near Al-Rabie Project. It occupies an area estimated at 30,506 sq. meters. It consists of 42 residential units distributed on 4 different blocks. The construction work of the project started in 2002 and finished by 2005. The total value of the project (total cost) was 18,400,000 Saudi Riyals.
Al Falah
The project is located in the North of Riyadh city to the West and near, Al-Rabie project. It occupies an estimated area of 110,843 sq. meters. The project consists of 139 residential units. The project’s construction was started in 2002 and completed in 2006. The total value of the project (the total cost of the project) reached 49,100,000 Saudi Riyals.
Al Rabea Project
This project is located in the North of Riyadh city, East of the Kingdom Hospital and Kingdom School. The project occupies an estimated area of 349,943 sq. meters. The total value of the project (total cost of the project) is 229,300,000 Saudi Riyals.
Al Noor Villas Project
The project is located an Al-Shifa plam in Al-Muzaiynib residential area in Al-Madinah Al-Manwarah, six kilometers from the Prophet Holy Masjid. The project occupies an area estimated at 62,930 sq. meters and consists of 80 residential units, separate and extensive villas (Duplexes). The development of the project is based on six architectural designs. The project contains a mosque and a public garden. The project’s construction was started in 2003 and finished in 2006. The total value of the project (the project’s Cost) was 44,600,000 Saudi Riyal.
Al Shati AlZahabi (Golden Coast)
The project is located in Sharm Abhor in Jeddah province. It has an estimated area of 279,436 square meters and contains 398 residential units. The architectural design features the distinctive architectural art of Jeddah city. The project is located near Jeddah International Airport, shopping centers, schools, and public gardens. The project construction started in the year 2004, and completed in 2006. The total value of the project (the cost of the project) is 211,400,000 Saudi Riyals.
References
- Dar Al Arkan On Zawya
- Dar Al Arkan in the Saudi Stock market
- Dar Al Arkan Increased its Capital
- Shams Ar Riyadh Project
- Al-Qaser Project
- Al Tilal
- Shams Al arous will be located in the east of Jeddah
- DAAR In KSA
- ^ a b "Saudi's Dar Al-Arkan unveils $2 bln Jeddah project". Reuters. 2009-10-11. http://in.reuters.com/article/bankingfinancial-SP/idINLB1823620091011. Retrieved 2009-10-12.
- ^ http://ae.zawya.com/researchreports/p_2006_10_19_10_26_01/20070904_p_2006_10_19_10_26_01_075548.pdf
- ^ http://english.mubasher.info/TDWL/Companies/ComWatch.aspx?ComID=8973 Dar Al Arkan in the Saudi Stock market
- ^ DAAR In KSA
- ^ Shams Al arous will be located in the east of Jeddah
- ^ http://www.mepropertyfinder.com/PropertyDetail/pid/81/pg/1/country/sa/lmp/6/ Shams Ar Riyadh Project
- ^ Al-Qaser Project
- ^ Al Tilal
External links
Categories:- Real estate and property developers
- Companies of Saudi Arabia
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