Dar Global, a luxury international real estate developer, released its audited full-year financial results on Friday, covering the period ending December 31, 2023. Record revenues of $360.6 million (Dh1.32 billion) were generated by the company, and at a healthy 41 percent margin, gross profit increased significantly to $146.4 million (Dh537 million).
Comparing Dar Global’s revenue to 2022, the revenue growth rate increased threefold, or 351% annually. Compared to a loss of $5.2 million in 2022, profit before taxes was $81.2 million.
Ziad El Chaar, Chief Executive Officer, Dar Global, commented: “It has been an outstanding year for Dar Global following our successful listing on the London Stock Exchange in February 2023. We have delivered strong revenue growth and a significant increase in profits and we continue to deliver against our ambitious strategy.”
“We have created a unique offering focused on the development of luxury second homes in some of the most desirable locations in the world for affluent, internationally mobile, global citizens. This strategy sets us apart from other developers and enjoys high and sustained demand from a customer base far less exposed to the economic cycle.
Ongoing and upcoming projects
Dar Global is on schedule to finish and turn over the first Urban Oasis Tower in Dubai in the first quarter of this year, with four ongoing projects in the United Arab Emirates. Later in the year, Pagani’s Da Vinci Tower will come after this.
Two other projects in Dubai are DG1, Dar Global’s first own-brand project, and W Residences, a 49-story building in Downtown Dubai.
The AIDA master plan in Oman, created under a cooperative development agreement with the OMRAN Group (Oman Tourism Development Company), is among Dar Global’s project portfolio. Another project is Les Vagues, the company’s first residential project in Qatar, whose interior design is by Elie Saab and whose completion is slated for Q1 2027.
Developed in collaboration with Automobili Lamborghini, the Tierra Viva project is Dar Global’s first venture into the ultra-luxury Marbella, Spain market in Europe. Other Spanish projects for the firm include the Tabano project, which is presently in the early permitting stage, and Marea, which features interiors by Missoni.
In London, 8mins-to-Central and Oh So Close are slated for completion in June 2024, while Dar Global is expected to finish its exclusive unit at 149 Old Park Lane in Q1 of this year.
