Luxury real estate developer Dar Global has invested $390m (€358m) to acquire two residential-led development land sites in Saudi Arabia.
Dar Global said it has bought 243 fully developed plots in Jeddah for $93m from a local Saudi landowner, with the project expected to incur a $200m gross development value (GDV).
The London-listed firm also invested $297m in Riyadh to acquire 190 plots from parent company Dar Al Arkan Real Estate Company, with the Riyadh project expected to deliver an estimated GDV of $800m.
The assets are being acquired using cash generated from the scheme sales, Dar Global shares, or a combination of both.
Ziad El Chaar, CEO of Dar Global, said: “Dar Global’s proven success in similar transactions, including collaborations with landowners, government entities and world-renowned luxury and hospitality brands, has established the company as a leader in developing bespoke, high-end living and investment opportunities to affluent, globally mobile customers.
“These latest acquisitions reinforce Dar Global’s position as an evolving key player in Saudi Arabia’s dynamic real estate market and mark a continued commitment to pursuing high-value opportunities in strategic locations across the Kingdom.”
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