Dar Global, a leading luxury international real estate developer, has unveiled its audited full-year financial results for the period ending December 31, 2023. The company reported record-breaking revenues of $360.6 million (Dh1.32 billion), accompanied by a robust gross profit margin of 41%, totaling $146.4 million (Dh537 million).

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Compared to the previous year, Dar Global’s revenue witnessed an impressive threefold increase, marking a growth rate of 351%. Furthermore, the company achieved a remarkable turnaround from a loss of $5.2 million in 2022 to a profit before taxes of $81.2 million in the reported period.

Ziad El Chaar, Chief Executive Officer of Dar Global, expressed his satisfaction with the company’s performance, attributing the success to their strategic initiatives and recent listing on the London Stock Exchange. El Chaar stated, “It has been an outstanding year for Dar Global. We have delivered strong revenue growth and a significant increase in profits, aligning with our ambitious strategy.”

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Dar Global’s unique focus on developing luxury second homes in prime global locations for affluent, internationally mobile individuals has set it apart in the real estate market. This niche strategy has resulted in sustained demand from a customer base less vulnerable to economic fluctuations.

The company’s project pipeline includes the completion of the first Urban Oasis Tower in Dubai in the first quarter of the current year, along with four ongoing projects in the United Arab Emirates. Additionally, Pagani’s Da Vinci Tower is scheduled to commence later in the year.

In Dubai, Dar Global is actively engaged in the development of DG1, its inaugural own-brand project, and the iconic W Residences, a 49-story building in Downtown Dubai.

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Outside the UAE, Dar Global has significant projects such as the AIDA master plan in Oman, created in collaboration with the OMRAN Group, and Les Vagues, the company’s maiden residential project in Qatar, featuring interior design by Elie Saab.

Expanding its presence in Europe, Dar Global ventures into the ultra-luxury Marbella market in Spain with the Tierra Viva project, developed in partnership with Automobili Lamborghini. Other notable projects in Spain include Tabano and Marea, each showcasing unique design elements and luxurious amenities.

In London, the completion of projects like 8mins-to-Central and Oh So Close is expected in June 2024, while Dar Global aims to finalize its exclusive unit at 149 Old Park Lane in the first quarter of the current year.

Dar Global’s commitment to delivering unparalleled luxury residences in prime locations worldwide underscores its position as a distinguished player in the international real estate market.