Dar Global, the London-listed luxury real estate developer, on Wednesday announced the acquisition of a prime 28,800 sq. m. plot within one of Jeddah’s most forward-thinking masterplans in Saudi Arabia.
On this site, Dar Global will develop a mixed-use project featuring premium residences, serviced apartments, retail, and offices, in what will be a key addition to Jeddah’s ongoing transformation.
The project supports Saudi Arabia’s Vision 2030 by contributing to the country’s evolving urban landscape with internationally benchmarked design and architecture – enhancing Jeddah’s appeal as a destination for investment, business, and modern living.
Dar Global CEO Ziad El Chaar said that as a company whose roots are in Saudi Arabia and now stands at the heart of international luxury development, this acquisition represents more than just the first steps of a new project development.
“Indeed, it reinforces our commitment to the country’s bold future. By bringing together Saudi expertise in design and development with global standards of delivery, we aim to create a landmark destination in the heart of Jeddah,” he added.
Strategically located near Jeddah’s key lifestyle and entertainment destinations, the project will serve as a premium destination with an estimated gross development value (GDV) of $1 billion.
With its mix of residences, hospitality, retail, and office spaces, it will serve as both a landmark address for the city and a gateway to Jeddah’s future growth as an international hub for living and investment.
Dar Global’s Earlier Acquisitions
On September 12, Dar Global said that it has secured a new significant joint development agreement with Dar Al Arkan and completed strategic land acquisitions for large-scale projects in Riyadh and Jeddah. These will raise the Group’s Gross Development Value to approximately $12.5 billion.
A strengthened liquidity position through the successful expansion of the Company’s Litmus financing facility (Litmus Facility) from $275 million to $440 million. To accelerate delivery of the Group’s expanding portfolio, the new Litmus Facility will strengthen Dar Global’s liquidity position by $165 million.
The facility is underwritten by Emirates NBD and supported by ADCB, FAB and Zand Bank. The structure is secured by the pledge of shares and backed by corporate guarantees.
This enhanced liquidity will accelerate the company’s existing projects and enable greater flexibility in pursuing new opportunities across the Middle East, Europe and North America, reinforcing long‑term resilience and execution capacity.
Strategic Expansion in Saudi Arabia
The new large-scale projects in Saudi Arabia will significantly expand Dar Global’s development footprint, involving two large-scale communities with a combined GDV of around $4.8 billion.
In Riyadh, the company has secured development rights through partial land acquisition and joint development agreement over a major integrated scheme valued at $2.8 billion, anchored by a US $300 million land acquisition (partial portion of integrated scheme) which will be acquired in place of the Riyadh land acquisition announced by the Group on 17 March 2025.
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