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DUBAI / Reuters
Major Saudi Arabian real estate developer Dar Al Arkan plans a project in Dubai and is considering whether to invest in Morocco and Europe as it begins to expand internationally, its chairman Yousef al-Shelash told Reuters on Tuesday.
“We have a good opportunity now to grow outside Saudi because we have the cash, we have the capability,†Shelash said, adding that Dar Al Arkan had a cash position of almost 3 billion riyals ($800 million). The company is launching its international business with an AED800 million ($218 million) development in downtown Dubai. It will start construction in early 2018 of a 34-storey waterfront skyscraper with luxury apartments.