Dar Global Regulatory News (DAR)

Dar Global PLC

LEI: 213800XRFXQ1KEWACW80

26 April 2023

Dar Global PLC ("Dar Global" or "the Group")

Trading Statement for Q1-2023 and financial information for the year ended 31 December 2022

As set out in the Prospectus published by the Group on 23 February 2023, Dar Global PLC, the luxury international real estate developer, is pleased to announce a trading update on the Group's financial position and performance including certain key unaudited financial information in relation to the full-year ended 31 December 2022. This update also includes a profit and loss statement for the three months to 31 March 2023 and the balance sheet as at 31 March 2023. The Group is expecting to release its half-year financial results covering the period ending 30 June 2023 no later than 30 September 2023.

The Group was admitted to the Main Market of the London Stock Exchange on 28 February 2023. It focuses predominantly on developing real estate projects comprising of second homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe, with plans to also develop hospitality assets.

Ziad El Chaar, CEO, commented:

"Dar Global has delivered excellent financial and operational performance since our successful listing, with growth across all key metrics.

"Our expansion in the luxury second homes market across the Middle East and Europe has generated strong interest from buyers seeking the best in luxury investment opportunities and exceptional properties that cater to their internationally mobile lifestyles. Unlike other customer groups, the investment decisions of the Ultra High Net Worth Individuals (UHNWI) who we typically serve are unaffected by the current global economic uncertainty, which helps ensure a consistent performance for Dar Global throughout the cycle.

"Since listing, we have unveiled several exciting new developments and partnerships which continue to set Dar Global's business apart. These include the launch of AIDA in Oman, Dar Global's first integrated master plan and DG1, our first own-brand luxury living concept in Dubai's Business Bay district.

"During the year, we are planning to further expand our luxury brand portfolio offering with prestigious projects in the Spanish regions of Benahavis and Finca Cortesin, which will be developed in collaboration with world renowned luxury brands. Additionally, we are making our debut in hospitality with the renowned 'Made in Italy' brand, Dolce & Gabbana, to create a signature hospitality experience in the Maldives.

"These projects position Dar Global as a highly differentiated leader in luxury property development, well-prepared to navigate the wider macro-economic uncertainties and deliver sustainable growth for our shareholders. We are pleased with our progress to date on all our projects, sales continue to perform in line with our expectations and we are confident about our prospects given the markets we have chosen to be active in."

Highlights:

· Improved earnings in Q1 2023 as the Group progresses towards the delivery of its first residential project - the Urban Oasis Tower by Missoni in Dubai, UAE;

· Strong liquidity with cash and cash equivalents of c. US$171 million (includes escrow retentions) as at 31 March 2023;

· Portfolio GDV of US$4,810 million as at 31 March 2023 across 11 active projects in the UAE, Qatar, Oman, UK, Spain, and Bosnia (31 December 2022: 10 active projects with GDV of US$4,652 million);

· Contracted sales as at 31 March 2023 amounting to a total sales value of c. US$589 million (c. 12% of the total GDV) in relation to 948 units;

· New development launches during Q1 2023 included AIDA, Dar Global's development in Oman to build c. 4,000 homes on a new golf course development and DG1, Dar Global's first own-brand luxury living concept comprising 221 apartments, located in the heart of Dubai's Business Bay district;

· New brand partnerships - Dolce & Gabbana / Maldives: The Group unveiled its partnership with the world-renowned luxury brand, Dolce & Gabbana in its debut in the hospitality industry. This partnership marks the launch of a bespoke hospitality project that seamlessly merges the unrivalled style and sophistication of Dolce & Gabbana with Dar Global's unparalleled attention to detail and world-class standards in the Maldives.

Operational Review for Q1 2023

The Group is pleased to provide an update to the operational performance of Dar Global across new acquisitions, development projects and contracted sales for Q1 2023.

Development Properties

In Q1 2023, the Group's development properties increased by c. US$56 million (including land acquisition of c. US$46 million and project spend of US$10 million) while US$19 million was transferred to cost of sales relating to revenue recognised for the Urban Oasis Project, bringing the net increase to US$37 million.

UAE - Three active projects and one new launch

Urban Oasis - The Urban Oasis tower is a 34-storey residential development located on the Dubai Canal and will contain bespoke apartments with interiors designed in collaboration Missoni, the Italian fashion designer. Construction is 88% completed with expected project completion in Q4 2023. As at 31 March 2023, 419 units out of 465 had been sold.

Pagani Tower - The refurbishment stage of the Da Vinci Tower project, in partnership with Italian supercar brand Pagani is expected to be fully completed by Q2 2024. The show apartment was completed in September 2022 and a contract for the fit-out is expected to be awarded in May 2023 to a premium global contractor. As at 31 March 2023, 29 units out of 85 had been sold.

W Residences - The W Residences project was launched in early 2022. The Group has begun the main works on the project and has awarded the construction contract to China State Construction Engineering Corporation Middle East (CSCEC ME), the world's largest transnational multidisciplinary conglomerate in civil, industrial engineering and real estate development. The project is expected to be fully completed in Q2 2026. As at 31 March 2023, 376 units out of 385 had been sold.

DG1 - The Group unveiled DG1 as its first 'own-brand' property in March 2023. This 20-storey tower will comprise 221 units, including one, two, and three-bedroom apartments and Dar Global has partnered with Gensler Architects on the design of the property. DG1's iconic design offers stunning views of the Dubai Canal and Burj Khalifa from every angle. DG1 represents Dar Global's vision of luxury living, combining sophisticated design, luxurious finishes, and remarkable craftsmanship. The launch of Dar Global's signature brand with DG1 is set to create a new benchmark in Dubai's luxury living space, making it a highly desirable property.

Qatar - One active project comprising of five residential buildings

Les Vagues - The Les Vagues project features 303 opulent sea-front residences of one, two and three-bedroom apartments. Construction is expected to commence in Q4 2023 and the project is expected to be completed by December 2027. The main contractor for this project is in the process of being appointed. As at 31 March 2023, 31 units out of 303 had been sold.

Oman - A master plan comprising of a Trump branded golf course, a club house, residential units and hotels

AIDA - The AIDA project is expected to be phased over 10 years, with a plan to launch one phase per year. AIDA is set to redefine luxury living with its breath-taking views, immersive experiences, and spectacular outdoor landscapes. The project is being developed sustainably, preserving the area's topography and unique environmental features, which adds to its appeal.

The first phase of the project was launched in the second half of March 2023 and generated significant interest from customers worldwide. Infrastructure works are expected to commence in Q2 2023 and the project is expected to be fully completed in December 2034. This project will be developed in partnership with the OMRAN GROUP (Oman Tourism Development Company) and the Trump Organisation.

United Kingdom - a single floor residential unit located in Old Park Lane, London

Old Park Lane - Situated on the corner of Old Park Lane and Piccadilly and overlooking Green Park, 149 Old Park Lane is a sophisticated landmark building with an important role in London's architectural heritage. Refurbishment works are in progress and are expected to complete by Q1 2024.

Spain - Dar Global has acquired land parcels across the south of Spain, primarily in the Costa De Sol region

Benahavis - Benahavis is a Spanish town and municipality in the province of Malaga, which is located seven kilometres from the coast and is in close proximity to the city of Marbella. Permits have been secured allowing a launch in June 2023. The Group aims to build a premium villa community on this property with a collaboration agreement signed with a premium Italian luxury brand. Construction is expected to commence in Q3 2023.

Manilva (Tabano) - In September 2022, Dar Global acquired six plots of land in the municipality of Manilva in the province of Malaga on the border with the province of Cadiz in southern Spain. The plots are located approximately 45 minutes from Marbella by car and are close to several polo clubs and one of the best beach areas of Costa del Sol. The total land area of the Tabano project is 4,650,092 square meters.

The Tabano project is currently in the early permitting stage and is expected to be completed in December 2029. AECOM consultants have been appointed for the development of the concept master plan and associated infrastructure plan.

Finca Cortesin - This project is located in one of the most sought-after enclaves of the Andalusian coast, not far from the Finca Cortesin resort which has an 18-hole championship golf course rated among Spain's best golf courses. Marbella is just a short drive away. The design phase is currently underway in collaboration with an Italian fashion designer.

Bosnia

Sidra - Sidra is a relatively small development project of the Group in Bosnia that accounts for 0.8% of the total estimated cost of all of the Group's projects. The site is situated in Ravne, Vares, 38 km outside Sarajevo, the capital of Bosnia. The Project has been awarded to M/s Cestohnik as the main contractor for carrying out infrastructure works, which are currently underway and the project is expected to complete in Q4 2024. As at 31 March 2023, 89 units out of 476 had been sold.

All financial statements are presented in United States Dollars (US$) which is the Group's functional and presentation currency.

UNAUDITED FINANCIAL INFORMATION

This section includes certain additional unaudited financial information for the Group as at and for the three-month period ended 31 March 2023.

Appointment of Corporate Broker and Financial Adviser

Following its recent listing on the Main Market of the London Stock Exchange, Dar Global PLC has appointed Liberum Capital Limited as its sole corporate broker and financial adviser.

For further information, please contact:

About Dar Global

Dar Global PLC is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe, including downtown Dubai, Muscat in Oman and the Costa del Sol region in Southern Spain.

Dar Global was originally established to house and develop the international (non-Kingdom of Saudi Arabia based) assets of Dar Al Arkan Real Estate Development PJSC ("DAARE"), a leading real estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,000 residential units with total assets of c. US$8.5 billion.

The Group also plans to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after a period of three to five years of operation once the hotels or resorts' revenue streams stabilise. Target markets include Southern Spain, Dubai, Maldives, Athens, Marrakesh and London.

Dar Global was admitted to the Main Market of the London Stock Exchange on 28 February 2023.

Please visit www.DarGlobal.co.uk

This trading update may contain certain forward-looking statements about the future outlook for the Group. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from those expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of Dar Global PLC speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Except as required by its legal or statutory obligations, the Group does not undertake to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Information contained in this document relating to the Group or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.