Saudi Arabia’s Dar al Arkan Real Estate Development, the country’s biggest property developer, said it would sell a similar mix of products this year as in 2009, hinting at similar revenue level.
Speaking to reporters on Tuesday, Yousef Abdullah al Shelash, chairman, said: “We still believe the market is very good. It is a rich country … a very young population.”
He added: “There is a real demand (for residential property).”
Managing director Abdullatif al Shelash declined to give a revenue forecast for 2010 after last year’s sales fell by almost 3 percent to $1.46 billion, saying only the company would sell a similar mix of products like in 2009.
In the fourth quarter, Dar al Arkan posted a lower than expected 7 percent rise in net profit to $123.6 million.
Dar Arkan might sell more debt after raising a lower than expected $450 million in Islamic bonds, or sukuk, last month. It paid back sukuk worth $2.25 billion earlier this month. (Reuters)
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