Dar Global targets Saudi expansion after land deals

Dar Global, the international development arm of Saudi-listed Dar Al Arkan, has purchased two land plots in Jeddah and Riyadh for $390 million, advancing expansion plans in the kingdom, according to a statement to the London stock exchange.

The acquisitions follow the launch of Trump Tower Jeddah and Neptune villa project in Riyadh, the London-listed developer said.

The Jeddah segment, which includes 243 fully developed plots, was purchased for $93 million from a local Saudi landowner within a master-planned community.

The estimated gross development value (GDV) of the project is $200 million, with “significant” profits expected to be generated over the next two years, the company said.

The second deal involves the acquisition of 190 plots in Riyadh, spread over 466,877 sq m, for $297 million. The land was bought from its parent company, with the project’s GDV estimated at $800 million, the company said.

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Dar Global will use cash from off-plan sales of the projects, or issue shares, or use a combination of cash and equity to pay for the land plots on or before 60 months from signing the agreements.

In August 2024 the company appointed Rothschild & Co to explore further growth opportunities in the London and Saudi markets.

A month later Dar Global announced plans to invest up to $275 million in new projects across several countries.