Sunday, 16 June 2024

Dar Alarkan announces that no material financial impact on its subsidiary regarding development of Trump residential villas

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Dar Alarkan Real Estate Development Company announced on Tuesday that there is no material financial impact regarding the development of Trump residential villas, a hotel, and a golf course in the Aida project on “Dar Al-Arkan International” until the date of signing this agreement estimated at SR6 billion, indicating that any developments will be announced later others in this regard.
The company clarified that Dar Al Arkan Global Company, headquartered in the United Arab Emirates, is one of the subsidiaries of Dar Al Arkan Real Estate Development Company, which owns and develops the company’s projects outside the Kingdom of Saudi Arabia in the Arab Gulf Countries and Arab Countries and European countries, including the AIDA project in the Sultanate of Oman.
This comes with reference to the company’s announcement published on the (Tadawul) website on 20/11/2022 regarding the agreement with the Trump Organization for the AIDA project in Oman.
This also comes with reference to the company’s previous announcement on the financial market website regarding the Aida joint project in the Sultanate of Oman between Dar Al-Arkan International Company (a subsidiary of Dar Al-Arkan Real Estate Development) and the Oman Development and Tourism Company (Omran), with a joint investment size of SR6 billion.
The expected value of the project is $4 billion, and it will be developed over 10 years on an area of 3.5 million square meters.

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