Dar Global Generates Over Dh1.3 Billion Revenue with a 41% Margin

Post by: Dr. Amrinder Pal Singh

Dar Global, a prestigious international real estate developer, disclosed audited full-year financial results for the period ending December 31, 2023. The company achieved record revenues of $360.6 million (Dh1.32 billion) with a robust 41% margin, leading to a substantial gross profit increase to $146.4 million (Dh537 million).

In comparison to 2022, Dar Global experienced an impressive threefold revenue growth rate, marking a 351% annual increase. Profit before taxes rose to $81.2 million, a remarkable turnaround from the $5.2 million loss in 2022.

Ziad El Chaar, CEO of Dar Global, expressed satisfaction, attributing the success to the company's listing on the London Stock Exchange in February 2023. El Chaar emphasized their unique offering, focusing on luxury second homes in sought-after global locations for affluent, internationally mobile citizens, setting them apart in the market.

Ongoing projects include the completion of the first Urban Oasis Tower in Dubai in Q1, with four ongoing projects in the UAE. The Pagani’s Da Vinci Tower is expected later in the year. Notable projects also include DG1 and W Residences in Dubai, AIDA master plan in Oman, Les Vagues in Qatar, and the ultra-luxury Tierra Viva project in Marbella, Spain, developed in collaboration with Automobili Lamborghini.

Dar Global's London projects, 8mins-to-Central, Oh So Close, and the exclusive unit at 149 Old Park Lane, are scheduled for completion in June 2024 and Q1 of this year, respectively. The firm's diverse portfolio and strategic approach contribute to its continued success in the real estate market.

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