5K units pa (BofAMLe), we believe the shortage of supply will persist for the following reasons: e The limited scalability of residential projects — Dar Al Arkan is the largest residential developer with only a 1% potential market share (delivery capability of 1,100 units pa). e The capital-intensive Saudi fi

from delays in executing on expansion plans, inability to raise prices to offset cost inflation, failure to manage growth without impacting margins Dar Al Arkan (XARKF) Our PO of SAR7.0/share is based on sum-of-the-parts methodology. We employ a WACC of 10.7%, derived from a COE and COD of 11.1% and 9.0%, r