As the chairman of Dar Al Arkan, Alkhair Capital, and Saudi Home Loan Co., Sheikh Yousef Al Shelash is instrumental in modifying homeownership throughout the Middle East. He’s a leading developer of residential and luxury living spaces and helped introduce mortgages to the region, which has changed how people purchase property throughout the sector. “Saudi Home Loans went public two months ago,” he says.

In 2007, Saudi Home Loans was among the first financial companies to offer home finance options — a practice that was not at all established in Saudi Arabia. Eventually, the concept caught on, and even the World Bank took an interest in promoting home ownership there. Today, home financing is a thriving industry, but at the time, it was a new way for the region’s population to acquire their abodes. Before Yousef Al Shelash’s Saudi Home Loans, potential homeowners would need to save enough money to buy land, and then it might take years to save enough funds to finally build a house on that land.

Turning a Vision into a Real Estate Financing Reality

Making it so that people didn’t have to wait was a doubly smart business move for Al Shelash since his real estate development company, Dar Al Arkan, could construct a villa or apartment while his Saudi Home Loans made it financially possible to purchase it and move right in. “At the time that I formed Dar Al Arkan with five other families, we were all in our late 20s, so still very young,” says Sheik Yousef Al Shelash. “There was an opportunity in the market in Saudi because Saudi was newly allowing what you might call in the U.S. real estate funds, although not in the same context of the real estate funds of Saudi.”

He had an inkling that real estate funds would become big business. “I had this vision and saw that using my experience in law, I could get into drafting funds,” says Al Shelash. “People trusted me because I’m a lawyer, and was able to start acquiring real estate using those real estate funds, and then [encouraged] others to subscribe to these funds. So Dar Al Arkan started with small, small, small, small projects, and definitely, the market growth helped.” The real estate development company went public in December 2007.

Sheikh Yousef Al Shelash Inherited a Love of Real Estate Investing From His Father

“I grew up with a father who believed in real estate investing,” says Al Shelash. He explains that his father was involved in land trading in what used to be Palestine in the 1940s. Watching the elder’s work ethic must have had a positive effect on him. The three companies under his chairmanship translate into close to 55 billion riyals of assets under management, which is approximately $15 billion.

Yousef Al Shelash sees Dar Al Arkan as a global brand. “As a Saudi national, I take pride in showing the world another image of what Saudi is. So we are actively working hard in our real estate projects to be successful in countries like Dubai, Oman, Qatar, China, the U.K. and Spain,” he says. “We are trying to plant our flag outside Saudi and show the Saudi values in delivering on our promises.”

Bringing Beautiful Buildings to the United Arab Emirates

Dar Al Arkan’s first project outside Saudi Arabia is the Urban Oasis in Dubai, United Arab Emirates. The 34-story residential tower features interiors by luxury fashion house Missoni and is set to be completed by the end of 2023. In honor of the achievement, in April 2022, Yousef Al Shelash attended and participated in the topping-out ceremony.

The Urban Oasis’ bespoke penthouse spaces boast lux Missoni fixtures and home decor elements. These opulent apartments in the sky are accessible via private elevator. Amenities available to all residents include security service, a 24/7 concierge, a well-equipped gym, an immaculate swimming pool, and a children’s play area. In addition, the uninterrupted waterfront views of the Dubai Water Canal are genuinely breathtaking. “If you dress up in Missoni, and you have some Missoni furniture, and you attend Missoni fashion shows, why not live in a Missoni apartment?” ponders Al Shelash.

Sheikh Yousef Al Shelash Talks Branding Challenges

According to Al Shelash, “Convincing a brand to work with a company is a challenge. That is because they are putting that brand image on the line.” What exactly does he mean by that? “Mainly what those brands sell is an image, so they’re very much worried about the image,” he explains. “In that regard, they will only work with real estate developers who deliver. By that, I mean those who deliver on time and who deliver up to the standards and the quality that was agreed with the brand. Otherwise, they would lose their brand image.”

By successfully partnering with brands like Missoni, Pagani, and W Hotels, Dar Al Arkan illustrates its capability to deliver on its promises. “At the same time, we not only elevate the status and image of the Dar Al Arkan company, which has been trusted by our customers over the last 28 years, but it also shows that we are trusted by mega brands. They trusted us with their brand to put on our project,” says Yousef Al Shelash. “Doing that has expanded our customer base because now we are able to deal with economic classes from the mid-economic classes to [those of] ultra-high net worth.” Acquiring land is another challenge the real estate developer faces. “We all want the land in key areas,” he says. “For a real estate developer, the first big challenge is always opportunities in procuring land.”

Al Shelash says it’s an excellent time to expand into the Qatar market. In March, he partnered with Sheikh Nasser bin Abdulrahman Al Thani, the Qetaifan Projects managing director, to launch Les Vagues residences by designer Elie Saab. The opulent residential and lifestyle project on Qetaifan Island North is Dar Al Arkan’s first in Qatar. “The whole world is coming to Qatar for the World Cup, so this event is absolutely an opportunity for us to promote this project, and it also presents perfect timing for our sales and marketing teams,” says Al Shelash.

The unique island is becoming a flourishing waterfront hub, with plans for a waterpark and extravagant retail options. “We’re looking forward to working with Dar Al Arkan and Elie Saab, a global pioneer in the design, on this premium project that is unlike any other in the region. Qetaifan Island North is being developed as the first touristic entertainment destination in Qatar, which will put the country on the regional and global tourism map, and Les Vagues residences is an integral project within the master plan of the development,” said Al Thani.