Makkah real estate
Makkah real estate
Makkah real estate
Dar Al-Arkan Real Estate(Arabic: 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
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]
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 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]
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
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