As the chairman of Dar Al Arkan, Sheikh Yousef Al Shelash guides the real estate development company as it has delivered 15,000 residential units and 500 square meters of commercial space, and expanded operations into eight countries. It has 31 billion SAR (about $8.29 billion) in assets and has been listed on the Saudi Stock Exchange since 2007
The Saudi property development company, under the direction of Yousef Al Shelash, is the largest developer by market value in the Kingdom of Saudi Arabia. It has won several awards for its expert quality commercial and residential projects throughout the country. It consistently invests in construction and residential tech solutions to expand productivity, increase efficiency, and set and implement best global practices in the real estate sector.
The company was named First Place – Real Estate Development Sector in Saudi Arabia by Forbes Middle East. It was also awarded the Best Real Estate Developer 2021 Award at the 2022 Restatex Riyadh Real Estate Exhibition, which was held March 1-4, 2022.
“The award affirms the company’s commitment to diversifying the real estate sector in Saudi Arabia and Dar Al Arkan Real Estate Development’s effort to bring unique residential projects locally and globally,” stated Yousef Al Shelash. The awards are evidence of the property development company’s capabilities across the Middle East and around the globe.
Building a Better Future Across the Middle East
“Dar Al Arkan is honored to be one of the catalyst companies in the real estate industry in the Kingdom. Winning the Best Real Estate Developer 2021 Award comes as recognition of Dar Al Arkan’s ambition to elevate the real estate market in Saudi Arabia and transform the way people live: one place, one community with exceptional quality, durability, and craftsmanship in our developments,” said Yousef Al Shelash.
Al Shelash added, “We also recently announced the launch of three co-branded towers in the [United Arab Emirates], a luxury residential project in Qatar, and another in Oman, making the past year one of the most significant in the company’s history.”
The firm’s goal is to make Dar Al Arkan a global brand, and it’s well on its way to accomplishing that. “I take pride in showing the world another side of what Saudi is,” said Al Shelash. The company continues to establish global credibility by delivering high-quality products on time and within budget. “We deal with close to 100 nationalities,” Al Shelash noted.
Recently, the Saudi Arabia property developer announced plans for a residential project in Abu Dhabi, UAE. According to a Dar Al Arkan spokesperson, “Abu Dhabi is a promising market. We are discussing with many parties to acquire key plots to enter the market soon.” Work on the new residential project is set to break ground in the UAE’s capital by the first quarter of 2023.
The company’s other projects include the sold-out W Residences Dubai — Downtown; the 34-story Urban Oasis By Missoni Residential Tower in Dubai; the serene Aida, overlooking the Sea of Oman; the Shams Ar Riyadh, a city within a city spanning 5 million square meters in Saudi Arabia; Qatar’s Les Vagues by Elie Saab, which is the first-ever residential project by the designer; and Sidra, the first of its kind vacation or second-home development in Bosnia.
A company spokesperson stated, “Dar Al Arkan is very adamant about moving forward and remaining on track with our development plans for Sidra. We’re also very fortunate to have gained the trust of the Ministry of Public Works to deliver the project based on the highest of standards in collaboration with skilled local partners. As a Saudi Arabian company, Dar Al Arkan is eager to create deeper ties to the real estate and construction sectors and support local and international investment opportunities as drivers of economic growth in Bosnia.”
According to the company, “Sidra, meaning life among the forests, covers an area of 500,000 square meters, making it the largest single real estate project in Bosnia. Surrounded by 20,000 native trees, the project will offer a gated community of high-specification villas and residential plots designed for modern living in an area classified as one of the healthiest and cleanest in the Balkans. In addition to a variety of residential options, Sidra will feature first-class amenities, restaurants and cafes, shops and supermarkets, a community mosque, a clubhouse, and a five-star hotel.”
Yousef Al Shelash’s Extensive Executive Experience
Dar Al Arkan Real Estate Development has not wavered in its commitment to delivering top-quality commercial, residential, and mixed-use projects for 28 years. Al Shelash was one of six families that worked as a group to found the property development company in 1994. Dar Al Arkan is focused on building housing across the kingdom to meet the changing needs of the residents.
“The opening up of the markets in terms of becoming more open to the external world, and more open of mixing between men and women, and opening up of so many of the restrictions that were before, allowed more and more people to live in apartments and to reduce the number of fences around the houses, is really adding a different flair to the cities — they look more alive,” says Al Shelash, who is also the chairman of Bank Alkhair in Bahrain and the chairman of Saudi Home Loan company.
Yousef Al Shelash continued, “By demolishing these walls and adding more landscape, we are seeing more apartment blocks. So the main cities of Saudi are really looking more and more alive. So this is one trend in the middle sector of the economy.”
However, the chairman points out that one of the biggest real estate challenges in Saudi Arabia is acquiring excellent land opportunities, which is also a global issue. Al Shelash said, “Land is so scarce in the key areas around the globe. For example, getting a piece of land in Manhattan is a dream; that is why they had to build towers above the train station in the city’s hubs. It’s the same thing always for real estate developers. [The challenge is] finding those land opportunities in key areas because nobody wants the land in an unknown area. We all want the land in key areas. So the first big challenge for a real estate developer is always opportunities in procuring land.”
Additionally, acquiring permits is another challenge. “It takes a lot of effort and time,” said Al Shelash. He explained that the construction industry “is the heart of the country. It brings blood to the whole body. You look around the country for development, and if you want to develop infrastructure, you cannot do without them.”
