Dar Global expects sellout by summer for Dubai’s Trump Tower

Dar Global, the Saudi developer behind Dubai’s planned $1 billion Trump Tower, expects the building to sell out by the end of summer and is planning to launch more projects with the Trump Organization.

The project, launched in April, is expected to be finished in five years and will feature more than 500 homes, with two $20 million penthouses, a Trump-branded hotel and a clubhouse.

“Sales have been strong, [there has been] very good reception for the brand, for the mix and the location,” Dar Global CEO Ziad El Chaar told The National.

Dubai’s property market has continued its steep ascent, with the average price per square foot reaching AED 1,808 ($492) in May.

UAE’s Arada buys Australian builder Roberts in $20M deal

UAE developer Arada has acquired the New South Wales state arm of Australian construction firm Roberts Co, investing $20 million to support its expansion in Australia and securing 700 jobs across its supply chain.

The Sydney-based builder will become the “main delivery pipeline” for 5,000 homes Arada plans to build in the next 24 months, chief executive Ahmed Alkhoshaibi told The Australian Financial Review.

The Gulf cash injection comes at a critical time for Roberts Co, which was forced to put its Victorian state arm into administration in March, leaving projects worth billions in limbo.

Arada, a Sharjah-based firm founded by the son of Saudi Arabia’s Prince Alwaleed bin Talal and Sharjah’s Deputy Ruler Sheikh Sultan bin Ahmed Al Qasimi, has been growing at lightning speed.

It first announced it would make its international debut in Australia last August. Alkhoshaibi told The National in February that the company was open to the possibility of an IPO after it sold out a $1.5 billion Sharjah project in three hours.

Dubai’s Damac pours $3 billion into Southeast Asia data centers

Dubai developer Hussain Sajwani sees AI gold in Southeast Asia.

The Emirati billionaire’s Damac Group plans to invest about $3 billion through its Edgenex subsidiary to build data centers across Malaysia, Indonesia and Thailand over the next three to five years, Bloomberg reports.

Damac, which focuses primarily on Dubai real estate, has been diversifying into a variety of industries from tech to fashion.

Edgenex, which already operates two data centers in Saudi Arabia, plans to build the digital infrastructure in its new Asian facilities that can house the high-end servers essential for providing artificial intelligence services.