Dar Global PLC said on Monday it has signed an agreement with Dar Al Arkan Real Estate Development Company to acquire a prime land parcel in Jeddah, Saudi Arabia, for the development of a luxury mixed-use project valued at approximately SAR 2.4 billion ($640 million).
The site, spanning around 28,800 square metres, is located within one of Jeddah’s newest integrated masterplans and will feature premium residences, serviced apartments, retail outlets and office spaces. The project is positioned near key lifestyle and entertainment destinations and is expected to become a landmark development in the city.
Dar Global will settle the acquisition consideration of roughly SAR 233 million ($62 million) through a mix of cash generated from sales and/or company shares over a 60-month period. The transaction is structured as a swap with a previously announced Jeddah acquisition dated March 17, 2025.
The company said the deal aligns with its strategy to focus on prime locations and branded luxury developments that strengthen its portfolio and reinforce Jeddah’s status as a luxury real estate hub.
N.M. Rothschild & Sons Limited, authorised and regulated by the UK’s Financial Conduct Authority, is acting as joint lead financial adviser to Dar Global.