Dar Global, the London-listed luxury real estate developer, today (August 11) announced a series of strategic milestones that highlighted both the strength of the company’s core markets and the scale of its long-term growth strategy.
These included sealing 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.
Also it achieved a strengthened 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 and thereby enabling participation in larger-scale opportunities with reduced risk exposure.
The London-listed luxury real estate developer 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.
In Riyadh, the company has 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 (partial portion of integrated scheme) which will be acquired in place of the Riyadh land acquisition as announced by the group early this year.
The company has decided to pursue this development instead because it provides the potential to deliver greater scale and enhanced profitability while reducing development risk.
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.
