Dar Alarkan Real Estate Development Co. Announces an agreement with Trump Organization for AIDA project in Oman
|Announcement Detail||With reference to the company's previous announcement on the Saudi Exchange website dated 27/03/2022 regarding the joint venture AIDA project in Oman Between Dar Al Arkan Global Company (a subsidiary of Dar Al Arkan Real Estate Development Company) with the Omani Company for Development and Tourism (Omran) and the joint project investment volume reach 6 Billion Saudi Riyal, the company would like to announce the signing off an agreement between Dar Al Arkan Global Company with the Trump Organization dated 16/11/2022 to develop Trump residential villas, a hotel, and a golf course in AIDA project. |
AIDA project is being developed with the support of the Omani Company for Development and Tourism (Omran), the executive arm of the Sultanate of Oman for tourism development.
The expected value of the project is USD 4 Billion, and it will be developed over 10 years on an area of 3.5 million square meters.
The company would like to clarify that there is no material financial impact on Dar Al Arkan Real Estate Development Company to date, as this project is within the projects of Dar Al Akan Global Company.
Any further updates in this regard will be announced later.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.