Dar Global Unveils $12.5 Billion Expansion Drive with Major Saudi Projects

Asharq Al-Awsat

11 hours ago

Dar Global, the London-listed real estate developer, announced on Monday strategic expansions into the broader capital markets, raising the Group's Gross Development Value to approximately $12.5 billion, up by 67%.
The company said it secured a new significant joint development agreement with Dar Al Arkan and completed strategic land acquisitions for large-scale projects in Riyadh and Jeddah with a combined GDV of around $4.8 billion.
In Riyadh, the company said it secured development rights through partial land acquisition and joint development agreement over a major integrated scheme valued at $2.8 billion, anchored by a $300 million land acquisition.
In Jeddah, a further joint development agreement covers a landmark mixed-use project on one of the city's most prominent land parcels, with an estimated GDV of $1.95 billion.
The expansion capitalizes on Saudi Arabia's rapid economic transformation, as it opens up to foreign ownership and the sustained demand for world-class real estate in the Kingdom, Dar Global said.
These are significant parcels of land with the opportunity to develop luxury villas, a world-class golf course and a luxury hotel, it added.
To fuel this growth, Dar Global said it increased its Litmus financing facility from $275 million to $440 million, adding $165 million in fresh liquidity.
The expansion was underwritten by a consortium of prominent regional banks, including Emirates NBD and supported by ADCB, FAB and Zand Bank.
'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,' the company said.
Also, Dar Global said it is acquiring a licensed financial services company in the Dubai International Financial Center (DIFC).
The entity is authorized to provide a wide suite of services, including asset management, investment banking, and advisory activities.
Operated as an independent subsidiary with its own governance structure, the platform will allow the company to broaden its revenue streams and reduce reliance on development cycles.
'These milestones mark an important inflection point for Dar Global. In Saudi Arabia, we are delivering landmark projects in prime locations and looking to bring in more overseas investment as the Kingdom opens up,' said Ziad El Chaar, CEO of Dar Global.
'The enhanced financing facility reinforces our balance sheet to fuel growth at scale and the establishment of a financial services arm in DIFC enhances our ability to structure capital and unlock global opportunities that previously would not have been available to the Group,' he added.
El Chaar also noted that these initiatives reflect not just confidence in the company's strategy, 'but also the unique position we occupy as a bridge between high-growth markets and international investors.'