Dar Global, the global arm of Saudi Arabia’s biggest developer Dar Al Arkan, has partnered with British luxury brand Aston Martin to develop a beachfront residential community on Al Marjan Island in Ras Al Khaimah.
With a development value of $250 million, the project is expected to be officially announced next month with construction due to be completed in 2028, in a joint development with Aarvees Group.
The partnership will be Aston Martin’s first real estate collaboration in the GCC, Dar Global said on Monday, adding that the luxury brand will design interiors for the development.
“We … have the opportunity to design ultra-luxury interiors for what we believe will be an unparalleled development in the emerging luxury destination of Al Marjan Island,” Stefano Saporetti, director of brand diversification at Aston Martin, said.
The partnership marked a “significant milestone” for Dar Global as it expands its footprint into Ras Al Khaimah, Ziad El Chaar, chief executive of Dar Global, said.
“With a track record of delivering iconic properties, we are committed to setting new standards of luxury living in this vibrant emirate.’’
With its natural beauty and modern amenities, Al Marjan Island attracts those looking for a luxurious lifestyle.
Marjan is the developer behind Al Marjan Island, a development of four reclaimed islands with more than 7.8km of beaches and 23km of waterfront, in addition to major hotels and residential developments. The artificial islands have been attracting a significant amount of investment from developers in recent years.
Wynn Resorts is set to open its 1,000-room property with entertainment and gaming amenities in 2026. The project, which is being developed by the Las Vegas hotel operator, will include at least 10 restaurants and a large convention centre.
Abdulla Al Abdouli, chief executive of Marjan, the master developer of freehold property in Ras Al Khaimah, said that the project “further enhances the appeal” of the Al Marjan Island.
“This partnership … reinforces Ras Al Khaimah's position as a leading real estate hub in the region,” Mr Abdouli said.
Dar Global, which has a market cap of about $662.48 million as of Monday, aims to expand globally with a pipeline of close to $3.6 billion worth of projects planned in the UAE, Oman, Qatar, Spain, Bosnia and the UK.
Its share price jumped 0.61 per cent to €3.28 ($3.49) at 8:23pm UAE time following today's announcement. Riyadh-based Dar Al Arkan focuses on luxury developments and commercial centres in major cities across the kingdom. Dar Global was established in 2017 to develop the company's international assets.
In February last year, Dar Global was listed on the main market of the London Stock Exchange to expand its investor base.
