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Dar Global unveils $12.5bn growth plan with major Saudi projects, expanded financing, and DIFC launch
Dar Global unveils $12.5bn growth plan with major Saudi projects, expanded financing, and DIFC launch

Arabian Business

time8 hours ago

  • Business
  • Arabian Business

Dar Global unveils $12.5bn growth plan with major Saudi projects, expanded financing, and DIFC launch

Saudi real estate developer Dar Global has announced a series of strategic milestones that expand its development pipeline to around $12.5bn, strengthen its liquidity position, and diversify into financial services — marking what the company calls 'an important inflection point' in its growth strategy. The company has secured new joint development agreements and land acquisitions for large-scale projects in Riyadh and Jeddah with a combined gross development value (GDV) of $4.8bn. Riyadh: Development rights over a major integrated scheme valued at $2.8bn, anchored by a $300m partial land acquisition. The project will feature luxury villas, high-end amenities, and a world-class golf course Jeddah: A landmark mixed-use project on one of the city's most prominent land parcels, worth an estimated $1.95bn, including a luxury hotel and residential communities in Saudi Arabia Dar Global says these developments align with Saudi Arabia's rapid economic transformation, rising foreign ownership, and sustained demand for premium real estate. The company has increased its Litmus financing facility from $275m to $440m, adding $165m in available capital. Underwritten by Emirates NBD and supported by ADCB, FAB, and Zand Bank, the expanded facility will accelerate project delivery and provide flexibility for new investments across the Middle East, Europe, and North America. Dar Global announces Saudi and Dubai real estate plans In a move to diversify revenue streams, Dar Global is acquiring a licensed financial services platform in the Dubai International Financial Centre (DIFC). The acquisition grants immediate regulatory readiness to offer asset management, investment banking, and advisory services, enabling the creation of investment vehicles to attract institutional and private capital. The DIFC-based subsidiary will operate independently, allowing Dar Global to mobilise international investment into large-scale real estate opportunities with reduced risk exposure. 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.'

PN calls for more details on Ambalat development plan with Indonesia
PN calls for more details on Ambalat development plan with Indonesia

Free Malaysia Today

time02-07-2025

  • Politics
  • Free Malaysia Today

PN calls for more details on Ambalat development plan with Indonesia

Opposition leader Hamzah Zainudin said rushing into a joint development agreement with a foreign country claiming maritime sovereignty over the area to be developed could jeopardise Malaysia's interests. PETALING JAYA : Perikatan Nasional (PN) has called for clarity on the country's plans to work with Indonesia to jointly develop the disputed Ambalat area off the east coast of Borneo, said to hold the world's largest crude oil reserves. Prime Minister Anwar Ibrahim and Indonesian president Prabowo Subianto announced plans last week to jointly develop the Ambalat block in the Sulawesi Sea while continuing legal and diplomatic discussions on maritime sovereignty in the 15,000 sq km area. In a statement today, opposition leader Hamzah Zainudin said the announcement appeared to contradict several previous comments from Anwar about the Ambalat block and Sulawesi Sea Treaty when they were raised in Parliament. 'Rushing into a joint development agreement with a foreign country which is claiming maritime sovereignty (over the area to be developed) could jeopardise Malaysia's national interests,' said Hamzah, who served as home minister under former prime ministers Muhyiddin Yassin and Ismail Sabri Yaakob. 'PN demands that the complete details of the joint development in Ambalat and the Sulawesi Sea Treaty documents be debated in Parliament. The rakyat have the right to be informed about it.' The Sulawesi Sea Treaty, signed in Putrajaya on June 8, 2023 in conjunction with then Indonesian president Joko Widodo's working visit to Malaysia, came under scrutiny after it was claimed that Malaysia was relinquishing its rights to the oil-rich Ambalat block. However, Wisma Putra said that the treaty did not involve the Ambalat block's maritime borders. Malaysia and Indonesia have had overlapping claims over the waters of the Sulawesi Sea known as the Ambalat block – located between East Kalimantan, Indonesia, and southeast Sabah – since Malaysia published a map in 1979 showing the maritime border area within Malaysian waters. Meanwhile, former prime minister Muhyiddin Yassin said that any deal involving disputed land or maritime areas should wait until the borders are clearly determined by the International Court of Justice or other recognised legal bodies. The PN chairman said that proceeding without a clear ruling could set a dangerous precedent and might be used in the future to undermine Malaysia's claims over the same or other areas. Muhyiddin added that such actions could harm the country's rights and dignity, as the risks involved are significant and could have long-term consequences for the nation.

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