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History

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A history of growth and achievement

Shortly after founding in 1994, Dar Al-Arkan “DAAR” grew fast through forward-thinking leadership and smart investments, becoming a limited liability company in 2000 and Saudi Arabia’s real estate leader soon thereafter. In 2005, the company transformed its systems and widened its ambitions, growing immensely to become a joint-stock company and laying the foundation for our market-leading status in the Middle East today.

Some milestones from our illustrious history:

2017
  • Mr. Ziad El-Chaar is appointed CEO on June 1, 2017
  • Sponsorship of the Construction Technology Conference
  • DAAR executes eighth USD 500 million Sukuk; lists on Irish Stock Exchange and Nasdaq Dubai
  • Sales begin for housing units at the Parisiana South and Parisiana Living projects in Riyadh, and the Naeem El-Jiwar project in Madinah

 

2016
  • DAAR repays sixth Sukuk issuance amounted to USD 300 million
  • Awarded “Largest Promising Residential Project in the Kingdom” (Juman Project) by Restatex
  • Awarded “Best Corporate Governance Company of the Year – MENA” by The European
  • Named “Real Estate Company of the Year - Saudi Arabia” by The European
  • Awarded “Best Corporate Governance in Saudi Arabia” by World Finance
2015
  • DAAR repays fourth Sukuk issuance amounted to USD 450 million
  • Awarded “Best Residential Property Developer in the Saudi Arabia” prize by Euromoney
  • Recognized for “Innovation in Real Estate Development” by The Entrepreneur for Shams ArRiyadh
  • Named “Real Estate Company of the Year in Saudi Arabia” by The European
  • Awarded “Best Corporate Governance Company of the Year – MENA” by The European
2014
  • Launch Juman project in the eastern region - an 8.2 million square-meter  master-planned community on Dammam seafront
  • Awarded "First Place - Real Estate Development Sector in Saudi Arabia" by Forbes Middle East
  • Awarded “First Real Estate Company in the Middle East” by World Finance
  • Awarded “Best Corporate Governance Company of the Year – MENA” by The European
  • Recognized as the best company in “social responsibility” in Saudi Arabia” by The European
  • DAAR repays third Sukuk issuance amounted to USD 200 million
  • DAAR executes seventh USD 400 million Sukuk; lists on Irish Stock Exchange and NASDAQ Dubai
2013
  • Riyadh’s governor opens the Al Qasr Mall
  • Named “Best Residential Property Developer in the Saudi Arabia” by Euromoney
  • Awarded "First Place - Real Estate Development Sector in Saudi Arabia" by Forbes Middle East
  • Awarded “Best Corporate Governance Company of the Year – MENA” by The European
  • Awarded “Best Corporate Governance in Saudi Arabia” by World Finance
  • Awarded "First Commercial Project” for the Al Qasr Mall by Arabian Business
  • Becomes the first foreign institution with a credit rating from the Malaysian RAM Agency in Saudi Arabia (RAM Agency)
  • DAAR executes fifth USD 450 million Sukuk; lists on Irish Stock Exchange and Nasdaq Dubai
  • DAAR executes sixth USD 300 million Sukuk; lists on Irish Stock Exchange and Nasdaq Dubai
2012
  • Initial opening of Al Qasr Mall in Riyadh
  • Awarded “Best Residential Property Developer in Saudi Arabia” prize by Euromoney
  • DAAR repays second Sukuk issuance amounted to USD 1,000 million
2011
  • Awarded the “Largest Residential Project in Saudi Arabia” (Al Qasr)
2010
  • DAAR executes forth USD 450 million Sukuk; lists on London Stock Exchange
  • DAAR repays first Sukuk issuance amounted to USD 600 million
2009
  • DAAR raises its capital from SR 7.2 billion (USD 1.92 billion ) to SR 10.8 billion (USD 2.88 billion)
  • Shams Alarous project launches in Jeddah 
  • DAAR executes third  USD 200 million Sukuk
2008
  • DAAR raises its capital from SR 5.4 billion (USD 1.44 billion) to SR 7.2 billion (USD 1.92 billion )
  • Custodian of the Two Holy Mosques opens the development of the Qasr Khozam area project
2007
  • Dar Al Arkan is listed on the Saudi Saudi Stock Market in Dec 2007
  • DAAR executes first USD 600 million Sukuk lists on Nasdaq Dubai, Labuan International Financial Exchange, Malaysia and Bahrain Bourse
2006
  • Launch of the Shams ArRiyadh project
  • Launch of the Al-Tilal project in Madinah (499 residential units)
2005
  • DAAR converts to a joint-stock company under Ministerial Decree no. 1021 in July, 2005
  • Launch of the Al Qasr project in Riyadh, the largest master-planned real estate development in the private sector
2004
  • DAAR increases its capital to SR 5.4 billion (USD 1.44 billion) through a private placement in the domestic market
2003
  • Launch of the Ashbiliya project in Riyadh (649 residential units)
  • Launch of the Almounsiya project in Riyadh (259 residential units)
  • Construction begins on Al-Azizia Towers project (7 towers, 442 residential units)
  • Construction of 28 residential units at the Al-Manar residential project in Jeddah
  • Construction of 55 residential units in the Al-Awali Villas project in Makkah
  • Launch of the Al-Noor Villas project in Madinah (80 residential units)
  • Work begins on 168 residential units in the Golden Beach project in Jeddah
2002
  • DAAR becomes a limited-liability company with SR 140 million in capital (37 USD million)
  • Launching of the Yarmouk project in Riyadh with 389 residential units
  • Work begins on 95 residential units in the Murjan Villas project in Jeddah
  • Construction of 42 residential units begins in the Al-Ta’awon project in Riyadh
  • Launch of the Al-Falah project in Riyadh (139 residential units)
  • Construction of 368 residential units in the Al-Rabie project in Riyadh
1994
  • Incorporation of  Dar Al Arkan Real Estate Development Company (DAAR) in Riyadh city, Kingdom of Saudi Arabia

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