Bloomberg News

Dar Al Arkan Gets $1.1 Billion for Jeddah Project

October 11, 2011

(Corrects conversion in third paragraph of story published on Oct. 8.)

Oct. 8 (Bloomberg) -- Dar Al Arkan Real Estate Development Co., Saudi Arabia’s biggest property company by assets, will receive 4 billion riyals ($1.1 billion) from the kingdom’s Public Investment Fund for the Qasr Khozam regeneration.

The funds will help in “sending evacuation notifications” and in “the compensation and transfer of ownership of the properties located in the project area,” the Riyadh-based company said in a statement to the Saudi bourse today.

The 4 million-square-meter (43 million square-foot) Qasr Khozam project in Jeddah is a joint investment between Dar Al Arkan and Jeddah Development and Urban Regeneration Co., a company owned by the Municipality of Jeddah.

Dar Al Arkan’s shares rose 0.8 percent to 6.15 riyals before the announcement, giving the company a market value of 6.6 billion riyals. The stock has lost 32 percent so far this year compared with a decline of 8.1 percent for the 148-member Tadawul All Share Index.

--Editors: Claudia Maedler, Matthew Brockett

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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