https://arab.news/nv5af
RIYADH: The London-listed luxury real estate developer, Dar Global, has increased its gross development value by 67 percent to $12.5 billion, driven by new large-scale projects in 黑料社区 and a move into financial services.
Dar Global, majority-owned by Saudi developer Dar Al-Arkan and listed on the London Stock Exchange, announced it secured a joint development agreement with its parent company and completed major land acquisitions for projects in Riyadh and Jeddah, significantly expanding its footprint in the Kingdom.
In Riyadh, the company acquired part of a major integrated scheme worth $2.8 billion, anchored by a $300 million land purchase, replacing a previously announced deal in March. The decision aimed to deliver greater scale, higher profitability, and lower development risk.
In Jeddah, the firm signed another joint development agreement for a landmark mixed-use project on one of the city鈥檚 most prominent sites, with an estimated GDV of $1.95 billion.
Both projects will feature luxury villas, a world-class golf course, and a high-end hotel, tapping into 黑料社区鈥檚 rapid economic transformation and growing demand for premium real estate.
鈥淭hese milestones mark an important inflection point for Dar Global. In 黑料社区, we are delivering landmark projects in prime locations and looking to bring in more overseas investment as the Kingdom opens up,鈥� Ziad El-Chaar, CEO of Dar Global, said.
鈥淭he enhanced financing facility reinforces our balance sheet to fuel growth at scale, and the establishment of a financial services arm in DIFC (Dubai International Financial Center) enhances our ability to structure capital and unlock global opportunities,鈥� he added.
To accelerate these developments, Dar Global expanded its Litmus financing facility from $275 million to $440 million, adding $165 million in liquidity.
The facility, underwritten by Emirates National Bank of Dubai and supported by Abu Dhabi Commercial Bank, First Abu Dhabi Bank, and Zand Bank, is secured through pledged shares and corporate guarantees.
The additional funds will strengthen the company鈥檚 balance sheet, speed up project delivery, and support expansion across the Middle East, Europe, and North America.
Dar Global acquired a licensed financial services platform in the Dubai International Financial Center, authorized to provide asset management, investment banking, and advisory services.
Operating as an independent subsidiary, the platform will enable the company to attract institutional and private capital into larger-scale projects and create investment vehicles to channel funds from the GCC and beyond.
Dar Global has positioned itself as a bridge between high-growth markets and international investors, leveraging partnerships with landowners, government bodies, and brands to deliver real estate offerings to global clients.