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MENAFN - 20/11/2012

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(MENAFN) Dar Al Arkan, Saudi Arabia's No.1 developer unveiled plans to invest in Asian assets, as it seeks to diversify income sources, Reuters reported.

Chairman Youssef al-Shelash said the company owned just under 35 million square metres of land, and has relied heavily for revenue on sales in its home market.

He said the company was considering investing in assets in Turkey or Asia, Malaysia, Singapore, some stable countries, adding that it would look to buy existing buildings rather than develop new sites.

Dar has enjoyed a rapid recovery in its fortunes over the past two years, helped the government's heavy spending on infrastructure and residential projects following the Arab Spring uprisings of early 2011.

Dar, which posted third-quarter net income of USD231.16 million, paid off a USD1 billion sukuk last July after selling land.

Shelash expected the company to pay off the sukuk maturing in 2014 and 2015 through its company earnings without selling assets and would not be rolled over, adding that the company was waiting to see the impact of the US "fiscal cliff" on international debt markets before it would consider raising more money.

 






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