On August 31, 2022, Duofu International Holding Group Limited and Dar Al Arkan Real Estate Group signed a strategic cooperation agreement. Mr. Hu Xingrong, Chairman of Duofu Group, Mr. Guo Jiancheng, General Manager of China office, Dar Al Arkan Real Estate Group, and senior representatives from both sides attended the signing ceremony, marking the establishment of a strategic partnership with plans for extensive collaboration across various fields.

 Yu Ge, vice president of Duofu Group signed on the agreement (front left)

Dar Al Arkan recognizes Duofu's foresight on investment, R&D capabilities in general aviation, and expertise in managing non-performing assets. In turn, Duofu recognizes Dar Al Arkan's diversified business in the Middle East, particularly in finance, technology, and real estate, along with its capacity for designing high-end products.

Both parties will leverage their strengths to collaborate comprehensively in equity investment, global marketing, technological innovation, and brand IPs. Through this partnership, they aim to deepen equity investment cooperation, empower industries with capital, create value for enterprises, and provide enhanced services. Additionally, they plan to jointly establish a global real estate marketing platform and offer investment services for high-net-worth clients.

Furthermore, Duofu will utilize its brand advantages in urban renewal and, in conjunction with Dar Al Arkan 's status as one of the top 100 companies in the Middle East, tap non-performing quality assets， improve financing ability and invest in China with a focus on core regions including the Yangtze River Delta, the Pearl River Delta, and the Beijing-Tianjin-Hebei region. Duofu will employ diverse means to enhance its market-oriented disposal capabilities, explore high-quality asset management, and contribute to the integration of enterprise resources, asset revitalization, and the healthy circulation of the national economy.

Additionally, the two parties will pioneer innovation in aviation manufacturing, artificial intelligence, and jointly formulate strategic plans in international trade, while also exploring overseas markets in Saudi Arabia, the UAE, and other Middle Eastern countries.

Dar Al Arkan Real Estate Group, established in Saudi Arabia in 1994, and listed on the Saudi Stock Exchange in 2007, is the largest listed real estate company in Saudi Arabia, among the top five real estate groups in the Middle East, and one of the top 100 companies in the Middle East. Its business footprint covers eight countries, including Saudi Arabia, the UAE, Qatar, Oman, Bosnia, the UK, Spain, and China. The group has developed several renowned urban complexes in the Middle East, such as the “Riyadh Capital City,” covering an area of over 5 square kilometers in the capital of Saudi Arabia. Furthermore, Dar Al Arkan Real Estate has collaborated with international high-end brands such as PAGANI, VERSACE, ELIE SAAB, Roberto Cavalli, W, and MISSONI to create boutique residential projects.

The parent company of Dar Al Arkan Real Estate Group, Quara Holding, established in Riyadh, the capital of Saudi Arabia, in 1994, has evolved into a comprehensive group spanning finance, real estate, and technology, with two companies listed on the Saudi Stock Exchange.

After signing the agreement, senior representatives from both sides engaged in in-depth discussions on practical matters, reaching a consensus on expediting the collaboration.