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Dar Al Arkan wins $1bn Jeddah real estate deal

By Chris Hamill-Stewart
Jeddah Dar Al Arkan Alamy via Reuters
Buildings in Jeddah City. The Orchid Land deal in Jeddah is the largest real estate auction in Saudi Arabia so far this year
  • Plot covers 1 sq km
  • KSA’s largest land auction of 2025
  • Further news to be announced

A consortium including the Saudi construction company Dar Al Arkan Real Estate Development has been awarded a deal worth SAR4.46 billion ($1.2 billion) covering a square kilometre of land in Jeddah.

The consortium includes the real estate investment company Kenzi Al Arabiya and a group of investors, according to a statement filed to Tadawul, the Saudi stock exchange.

It acquired the Orchid Land plot in Jeddah in the largest real estate auction in Saudi Arabia so far this year.

The consortium did not reveal what it plans to do with the land.

Any further developments will be announced in due course, the statement to Tadawul said.

Share prices in Dar Al Arkan jumped to SAR18 on Monday after the news but later dropped to trade 1.8 percent lower than the previous day.

A positive financial impact on Dar Al Arkan’s revenues from the Jeddah deal is expected starting in the second quarter of 2025, the company said.

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