RIYADH: Saudi Arabia’s property developer Dar Al Arkan is planning a new residential project in Abu Dhabi as the property market in the UAE is steadily rebounding after the pandemic, a local newspaper of the UAE reported quoting the firm’s vice chairman Ziad El Chaar.
El Chaar revealed that the new project will be Dar Al Arkan’s fourth in the UAE and the first in Abu Dhabi. Currently, the property developer has three ongoing projects in Dubai.
“Abu Dhabi is a promising market. We are in discussions with many parties to acquire some key plots to enter the market soon,” said El Chaar.
The development work on the new residential project is expected to begin by the first quarter of 2023.
El Chaar, however, did not reveal the total cost of the Abu Dhabi project but said the company’s projects are “sizeable,” with each project valuing about $262 million.