Dar Global acquires masterplan plot in Jeddah

KSA: Luxury real estate developer Dar Global has acquired a masterplan plot in Jeddah, set to comprise residences, serviced apartments, retail and office space. 

The project has an estimated gross development value (GDV) of USD $1 billion.

Spread over 28,800 square metres, it will support Saudi Arabia’s Vision 2030 which aims to transform the kingdom’s cities into global hubs for business, investment, and living. 

Dar Global CEO, Ziad El Chaar, said: “As a company whose roots are in Saudi Arabia and now stands at the heart of international luxury development, this acquisition represents more than just the first steps of a new project development. Indeed, it reinforces our commitment to the country’s bold future. By bringing together Saudi expertise in design and development with global standards of delivery, we aim to create a landmark destination in the heart of Jeddah.”

Elsewhere in Jeddah, Dar Global is developing the 47-storey Trump Tower which is scheduled for completion in December 2029. Further afield in the kingdom, the company is also developing branded villas in Riyadh.

Highlights:

• Dar Global will develop a mixed-use luxury site in Jeddah worth USD $1 billion.

• The 28,800 square metre masterplan plot will include residences, serviced apartments, retail, and offices.

• It supports Saudi Arabia’s goal to transform cities into global business and lifestyle hubs.