UK-listed Dar Global launches its first project in Saudi Arabia - with Trump tower to follow
Co-branded Riyadh project is also first time jeweler Mouawad is getting into real estate
Dubai: The London stock market listed Dar Global has launched its first project in Saudi Arabia – and in an alliance with the famed jewellery brand Mouawad. It will be an all-villa community with prices starting SR4 million and more. Sales will officially start late October.
There are a few first that come with this project, the most obvious being Dar Global’s maiden venture in the Kingdom. This in itself is notable given that its majority shareholder is Dar Al Arkan Real Estate, Saudi Arabia’s biggest developer in terms of market value. In 2023, it cleared SR1 billion in net profit.
But there is a difference, says Ziad El Chaar, Dar Global’s CEO.
“Through 3 decades, Dar Al Arkan has built is housing targeting mid-income owners,” said El Chaar. “Dar Global’s mandate is to create luxury housing in international hub cities, and Riyadh and Jeddah definitely are two such centers. More so after the Saudi investment rules allowed freehold ownership for foreign nationals."
As for the Saudi jewellery brand Mouawad, it's a first time in real estate, by providing the interior design touches to the villas. Dar Global has fine-tuned its projects through a raft of luxury brand associations, such as Cavalli, Pagani and more. In line with this, Mouawad makes for a perfect choice, says El Chaar.
Dar Global is giving a look of the Riyadh project to international brokers, part of the plan to showcase Riyadh - and then Jeddah - to a new pool of wealthy investor.
“The location is close toe Expo site that’s being developed and the airport,” said El Chaar. “The SR4 million has been set to tempt or convince foreign investors and expats who had been considering property buys to make use of the Saudi investment and residency law.” (The developer will take expressions of interest for the villas.)
Trump tower
By then, Dar Global would also be ready to launch its next Saudi project, a Trump branded tower on the Jeddah corniche. The two already have one project going on in the GCC, with a $500 million mixed-use development in Oman.
That would make it the Trump brand's first ever Saudi foray, and that should more than suffice to anchor the Dar Global name in the Kingdom. And differentiate from its parent entity Dar Al Arkan.