Dar Global, the global arm of Saudi Arabia’s largest 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.
Dar Global stated on Monday that this partnership marks Aston Martin’s first real estate collaboration in the GCC, with the luxury brand set to design interiors for the development.
Stefano Saporetti, Director of Brand Diversification at Aston Martin, expressed excitement about the project, saying, “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.”
According to Ziad El Chaar, Chief Executive of Dar Global, this collaboration represents a significant milestone as the company expands its presence into Ras Al Khaimah.
Dar Global spokesperson emphasized their commitment to setting new standards of luxury living in Ras Al Khaimah, citing their track record of delivering iconic properties.
Al Marjan Island, known for its natural beauty and modern amenities, attracts those seeking a luxurious lifestyle.
Marjan, the developer behind Al Marjan Island, oversees a development comprising four reclaimed islands, featuring over 7.8km of beaches and 23km of waterfront, alongside major hotels and residential developments.
These artificial islands have attracted significant investment interest from developers in recent years.
Abdulla Al Abdouli, Chief Executive of Marjan, stated that the project further enhances the appeal of Al Marjan Island, reinforcing Ras Al Khaimah’s position as a leading real estate hub in the region.
Dar Global, with a market cap of about $662.48 million as of Monday, aims to expand globally with a pipeline of projects worth close to $3.6 billion planned in the UAE, Oman, Qatar, Spain, Bosnia, and the UK.
Following today’s announcement, its share price surged by 0.61 per cent to €3.28 ($3.49) at 8:23pm UAE time. 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.
Contact Paragon Properties today to invest in Ras Al Khaimah and Al Marjan Island.
