12-08-2025
DAR Global grows GDV by 67% expands in Saudi Arabia
Property DAR Global grows GDV by 67% expands in Saudi Arabia
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In a move that diversifies Dar Global's operations, the company said it is also acquiring a licensed financial services company in the Dubai International Financial Centre
Developer Dar Global has announced a series of strategic milestones that are said to showcase the strength of its core markets and the scale of its long-term growth strategy. The developer said it has secured a new joint development agreement with Dar Al Arkan and completed land acquisitions for large-scale projects in Riyadh and Jeddah.
These developments will raise the group's Gross Development Value (GDV) to US $12.5bn. Additionally, the company has strengthened its liquidity position by successfully expanding its Litmus financing facility from $275mn to $440mn.
The new large-scale projects in KSA will expand Dar Global's development footprint. These projects involve two large-scale communities with a combined GDV of around $4.8bn. In Riyadh, Dar Global has secured development rights through partial land acquisition and a joint development agreement over a major integrated scheme valued at $2.8bn.
In Jeddah, Dar Global said it has secured a further joint development agreement for a landmark mixed-use project on one of the city's land parcels. This project is estimated to have an estimated GDV of $1.95bn. This scheme is anchored by a $300mn land acquisition (partial portion of the integrated scheme). This acquisition will replace the Riyadh land acquisition announced by the group. Dar Global said it has decided to pursue this development because it offers the potential to deliver greater scale and profitability while reducing development risk.
Ziad El Chaar, CEO of Dar Global said, '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. 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. Together, these initiatives reflect not just confidence in our strategy, but also the unique position we occupy as a bridge between high-growth markets and international investors. We look forward to providing further updates on these exciting initiatives as they progress.'
This expansion capitalises on Saudi Arabia's rapid economic transformation, which has opened up the Kingdom to foreign ownership and sustained demand for real estate. These significant parcels of land offer the opportunity to develop luxury villas, a golf course, and a luxury hotel. This expansion in Saudi Arabia not only expands Dar Global's pipeline but also demonstrates the group's ability to structure transactions that balance investment exposure with long-term profitability.
To accelerate the delivery of Dar Global's expanding portfolio, the new Litmus Facility will strengthen the company's liquidity position by $165mn. Underwritten by Emirates NBD and supported by ADCB, FAB, and Zand Bank, the facility is secured by the pledge of shares and backed by corporate guarantees. This enhanced liquidity will accelerate existing projects and enable greater flexibility in pursuing new opportunities across the Middle East, Europe, and North America.
In a move that diversifies Dar Global's operations, the company said it is acquiring a licensed financial services company in the Dubai International Financial Centre (DIFC). This entity is authorised 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 and provides immediate regulatory readiness, avoiding the lengthy process of obtaining a new license. Consequently, Dar Global is positioned as both a developer and a financial platform that is agile and capable of mobilising international capital into real estate opportunities. The company plans to expand its team and diversify its offerings.
