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Abu Dhabi, UAESaturday 23 June 2018

Saudi developer Dar Al Arkan expands footprint with US$218m Dubai tower

‘I Love Florence Tower’ will be the company’s first residential project in the UAE

The Dubai canal by night. Rustam Azmi / Getty
The Dubai canal by night. Rustam Azmi / Getty

Dar Al Arkan, Saudi Arabia’s largest listed real estate developer, launched a Dh800 million (US$218m ) residential tower in the UAE , marking its first foray outside the kingdom.

“Our solid track record in delivering 15,000 residential units and 500,000 square metres of commercial space in Saudi Arabia will support our global expansion, which aims to present further diversification to our existing investors, as well as attracting international investors to our investment portfolio,” Yousef Bin Abdullah Al Shelash, chairman of Dar Al Arkan, said in a statement on Tuesday .

The 34-storey ‘I Love Florence Tower’ is located in Downtown Dubai close to the fast-growing Business Bay and Dubai Canal district.

The project is being built in partnership with fashion designer Roberto Cavalli, who is designing the interiors, and is intended to resemble buildings in the Italian city of Florence. The waterfront tower is expected to be completed by mid-2021, according to the company statement.

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In November, Dar Al Arkan announced 86.3 per cent profit hike for the third quarter of 2017 to 209.6 million Saudi riyals (US$55.8m) from 112.5m reported for the same quarter of the last year.

The third quarter profit recovery contrasts with a 79 per cent drop in net income to 12.1m riyals for the first three months of 2017, attributed to the recent introduction of the “white land tax” on undeveloped land in the kingdom, intended to penalise those that hoard land indefinitely.