Dar Al Arkan’s Dubai project on track for 2022 delivery, says Chairman

Dar Al Arkan Real Estate Development Co.’s project in Dubai is progressing as planned and has reached an advanced stage in executing basic infrastructure, CNBC Arabia reported, citing the company’s chairman Yousef Al-Shelash.

“The company has sold 47 percent of the project, which will help the firm handover the project in 2022,” Al-Shelash said, adding that the real estate sector in Dubai is expected to recover next year.

According to the data compiled by Argaam, Dar Al Arkan launched in December 2017 the AED 800 million ‘I Love Florence’ project in Business Bay Area in Dubai, and started work in January 2018 for the 38-storey tower.

“The company has attracted liquidity from foreign investors, and launched ten securities over the last 13 years in various markets,” Al-Shelash said, adding that the firm has never defaulted or restructured its debts.

He also noted that the company’s cost of debt is less than 7 percent, as the majority of the firm’s loans are long-term. “The firm aims to lower cost of finance especially with lower interest rate.”

The company’s real estate portfolio exceeds SAR 15 billion, and includes lands and developed projects.

“There is no need to worry about the portfolio despite the price fluctuations over the last three years,” Al-Shelash concluded.