Egypt names 6 banks for its first $2bn Islamic bonds: Bloomberg

Egypt names 6 banks for its first $2bn Islamic bonds: Bloomberg
Egypt names 6 banks for its first $2bn Islamic bonds: Bloomberg

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Jeddah - Yasmine El Tohamy - RIYADH: The developer of the $1 billion al-Taif premium homes project, Saudi Arabia’s Dar Al-Arkan Real Estate Development Co., has outlined plans to expand into China and the UK.

The 82 year-old company is building three towers in the UAE, and five others in Qatar, as well as developing a semi-gated community targeting buyers from the Gulf Cooperation Council in Bosnia, CEO Nawfal Al Khudhairy revealed in an interview with Arab News.

Speaking during the Real Estate Future Forum held on Feb. 23 in Riyadh, Al Khudhairy set out the next ambitions for the group.

“We are one the largest, if not the largest, real estate development companies in Saudi Arabia...so it’s a key for us to be part of the forum to share our our wealth of knowledge of real estate with the public and our partners,” Al Khudhairy stated.

The developer has also announced opening an office in Beijing, China to promote collaboration and partnerships within the tech and real-estate sectors, something it also plans to do in London.

Its al-Taif development, a premium residential project in Taif governorate in the southwest region of the kingdom. Its investment is SR3.7 billion ($985 million), according to Al Khudairy.

The property development company is also exploring the use of printing technology in construction, aiming to reduce its environmental impact.

The company is a major contributor to the achievement of Vision 2030 in real estate development.

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