Saudi developer Dar Al Arkan is planning a 5 million-square-foot residential and hotel complex outside Sarajevo, the capital of Bosnia and Herzegovina.
The project will be the largest single real estate development in the country and Dar Al Arkan’s first project in Europe, the company announced in a news release this week.
Dar Al Arkan said the firm received municipal and federal approval for the project and would break ground sometime early next year.
It is planning standalone “contemporary villas” and common amenities including a clubhouse, hotel, spa, gym, restaurants, and a playground.
Dar Al Arkan’s development chairman Yusuf bin Abdullah Al-Shalash described the project as a “second-home gated community surrounded by luxury facilities and services.”
“The country is growing in popularity, so this is a perfect investment for those wishing to be part of the country’s developing luxury tourism and hospitality sector,” he said. Al-Shalash added that “we believe the development will attract both Bosnian and international investors.”
Dar Al Arkan has built around 15,000 residential units and more than half a million square meters of retail space around the Middle East, including in Dubai and several cities in Saudi Arabia, according to its website. The firm has around $7 billion worth of assets under management. The company is listed on the Saudi Stock Exchange.