Dar Al-Arkan chairman says 6 projects in implementation, marketing phase; liquidity sufficient

Yousef Al Shelash, Chairman of Dar Al-Arkan

Dar Al-Arkan Real Estate Development Co. is in process of implementing and marketing four projects in Dubai, Bosnia, Makkah and Riyadh, in addition to another two in Jeddah and the Eastern Province, chairman Yousef Al Shelash told CNBC Arabia.

Jeddah’s project, which spans almost 1 million square meters (sqm), is expected to be completed soon. The project will see the development of its infrastructure and superstructure, while the remaining land area will be sold.

Speaking about dividend distributions, Al Shelash said the company, in light of the COVID-19 crisis, is developing four projects and is likely to begin the development of another two this year, which requires liquidity. Dar Al-Arkan has solid liquidity, but the dividend distribution will be decided later.

He added that Sidra project in Bosnia was well-studied, as Dar Al-Arkan aimed recently to diversify its real estate portfolio locally and overseas.

The project will be self-financed currently. However, if more investments are required in the project, the company might tap local or foreign financial institutions for finance.

Sidra will deliver strong returns, Al Shelash concluded.