Dar Global, the London-listed luxury real estate developer, has announced a series of strategic milestones that highlight both the strength of the company’s core markets and the scale of its long-term growth strategy.
These include sealing a new significant joint development agreement with Saudi developer Dar Al Arkan for strategic land acquisitions for large-scale projects in Riyadh and Jeddah, thus taking the group’s gross development value to $12.5 billion.
In addition, it boosted its liquidity position through the successful expansion of the company’s Litmus financing facility from $275 million to $440 million.
Dar Global’s other key achievement was the strategic acquisition of a licensed financial services platform in the DIFC which will allow it to provide complementary asset management and financial advisory capabilities and strengthen its ability to attract international capital in real estate through funds thereby enabling participation in larger-scale opportunities with reduced risk exposure.
Dar Global said the new large-scale projects in Saudi Arabia will significantly expand its development footprint, involving two large-scale communities with a combined GDV of around $4.8 billion.
The company has secured development rights for a landmark $2.8 billion integrated project in Riyadh. This has been achieved through a combination of a $300-million partial land acquisition and a joint development agreement. This acquisition replaces Riyadh land deal made earlier this year, positioning the group to deliver one of its most significant developments in the Kingdom.
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.
This expansion capitalises 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. These are significant parcels of land with the opportunity to develop luxury villas, a world-class golf course and a luxury hotel, it stated.
