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Saudi Dar Alarkan partners with Trump Organization for $4bn project in Oman

Saudi Dar Alarkan partners with Trump Organization for $4bn project in Oman
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Riyadh – Mubasher: Dar Al Arkan Global Company, a subsidiary of Dar Alarkan Real Estate Development Company, has inked an agreement with the Trump Organization on 16 November 2022.

Under the deal, the Saudi company will develop Trump residential villas, a hotel, and a golf course in the AIDA project in Oman, which is valued at $4 billion, according to a bourse discourse.

The partnership followed a 10-year contract worth SAR 6 billion with the Omani Company for Development and Tourism (Omran) which was signed last March.

Meanwhile, the scheme will be developed on an area of 3.50 million square metres. The AIDA project is due to commence during the first quarter (Q1) of 2023.

Dar Alarkan indicated that the agreement has no financial impact yet, as it aligns with the projects of its unit Dar Al Akan Global, adding that it will announce further details at a later time.

Yousef Al Shelash, Chairman of Dar Al Arkan, said: “Our partnership with Trump will distinguish our first project in Oman and put it on the global map.”

Ziad El Chaar, CEO of Dar Al Arkan Global, noted: “We are confident the relationship with Trump will enhance the natural beauty of AIDA and attract end-users and investors from around the world looking to be part of an exceptionally iconic project.”

In the first nine months (9M) of 2022, the Tadawul-listed company posted a 416.24% hike in net profit after Zakat and tax to SAR 393.01 million, compared to SAR 76.13 million in 9M-21.