Dar Al Arkan Seeks Accreditation from ETMAM for Three Developments in Riyadh City
DAAR pursues off-plan sales license from the Ministry of Housing
(Riyadh/Dubai– 20 October, 2018) – Dar Al Arkan, the largest listed real estate developer in the Kingdom of Saudi Arabia, today announced that it has submitted a request to ETMAM, the Developers Services Centre at the Saudi Ministry of Housing, for the accreditation of three comprehensive development projects in Shams Ar Riyadh, totaling over 1.936 million square meters. The company also applied for the issuance of off-plan sales license for projects under construction in Shams Ar Riyadh.
The new masterplans involve three zones in the iconic Shams Ar Riyadh development, which is strategically located on King Khalid Road. The comprehensive development in Zone 1 will be built over an 849,000 square metres area. The Zone 3 masterplan covers 449,000 and Zone 5 involves a 638,000 square metres area. Shams Ar Riyadh incorporates residential, commercial, and mixed-use spaces, overlooking the stunning views of Wadi Hanifa.
Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Development, said: “We are pleased to be part of the ETMAM initiative and have submitted 3 projects in RIYADH for its processing.
We are confident that with the introduction of ETMAM, the overall approval for new projects will be accelerated to the benefit of all developers and stakeholders. This step will further shape the development of Shams Ar Riyadh to support a thriving residential and business community. Working together with ETMAM, we can transform the new zones into distinct holistic, sustainable communities with active and vibrant lifestyles.”
The accreditation of the new masterplans in the three zones in Shams Ar Riyadh follows on from the development of the SABIC Residential Complex, which comprises of 600 fully equipped residential units built on a 1.8 million square meters area in Zone 2 and the mobilisation of the infrastructure work in Mirabilia, the upscale residential villas with interiors by Italian fashion house Roberto Cavalli, in Zone 4.
Infrastructure works investment so far is of over SR 1 billion, including two power substations as well as main access roads.
About Dar Al Arkan
Dar Al Arkan is the largest real estate developer listed on the Saudi Stock exchange (Tadawul). With SR10.8 billion in capital and SR26 billion in assets, we are one of the leading real estate companies in the Middle East.
Since 1994, Dar Al Arkan has enriched the Saudi real estate market with the best innovative residential solutions, having developed 15,000 residential units and 500,000 square meters of luxury commercial space.
The company has succeeded in establishing new standards in the development of residential, commercial, and mixed-use projects adhering to best international standards in construction, maintenance, and adherence to hand-over schedules. The company’s projects have provided their residents with the modern lifestyle that meets with their expectations.
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