Dar Al Arkan Real Estate Development Company

Dar Al Arkan Real Estate Development Company (DAAR) specializes in residential real estate property investment, development and management in Saudi Arabia.

The company develops small and large scale residential communities like Shams ArRiyadh (Riyadh View), valued at SAR6 billion (USD1.6 billion) and covering the development will cover an area of 5 million sq. m (53.8 million sq. ft.), is due for completion in 2011.

DAAR is the largest real estate developer in Saudi Arabia, with SAR5.61 million (USD1.5 million) in 2008 total revenues. The company's 2008 revenues grew by 13.9% from 2007 mainly due to a 28% increase in its land sales revenues. The company generated 82% of its 2008 revenues from land sales (compared to 73% in 2007), and earned the remaining 17% from its residential sales (compared to 27% in 2007).

DAAR underwent an IPO on TadawulTadawul, in December 2007, which raised SAR3.33 billion (USD890 million). It also issued two Sukuks, in July 2007, to fund projects and offer low cost financing. The first is the SAR2.25 billion (USD600 million) DAAR International Sukuk, and the second is the SAR3.75 billion (USD1 billion) DAAR Sukuk II.

To complement its core business, DAAR established the SAR2 billion (USD534 million) Saudi Home Loans CompanySaudi Home Loans Company, in December 2007, to provide Shariah compliant home loans.