Dar Global, which is listed on the London stock exchanges, has launched its first project in Saudi Arabia - and in partnership with the famous jewelry house, Mouawad. It will be a fully villa community starting from SR 4 million and above. The official sales are set to begin towards the end of October.
This project comes with some firsts, the first and most striking being the popularity of the brand, Dar Global within the Absolute Controls Group. This is interesting by itself because the majority of the capital share is owned by the leading Saudi Arabia , in terms of market cap, developer Dar Al Arkan Real Estates. In the Year 2023, it made a net profit of SR1 billion.
However, there is a difference , claims Ziad El Chaar, who is the CEO of Dar Global.
“Over the years, Dar Al Arkan has developed a residential product for the mass mid income market,” said El Chaar. “Dar Globals concern in contrast, is to develop luxury housing in the world’s metropolitan cities which include Riyadh and Jeddah without a doubt. This new development came more so after the Saudi investment laws changed creating opportunities for foreigners to buy freehold properties in the country.”
In the case of the Saudi Mouawad jewelry brand, this is a foray into real estate for the first time, as it will be the one to furnish the villas. With great success, ‘Dar Global’ has optimized its designs thanks to a number of luxury brand partnerships including Cavalli, Pagani and others. It is for this reason that, ‘Mouawad’ is a natural fit, points out El Chaar.
Dar Global is allowing international brokers to have a glimpse of the Riyadh project, which is an integral part of the plan to promote Riyadh – and then Jeddah – to a fresh set of affluent investors.
“The location is close to the 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.”
Trump tower
At that point, Dar Global is expected to unveil its upcoming Saudi venture, a tower in Jeddah bearing the Trump name. The two partners already have one project in the GCC region, a $500 million mixed-use development in Oman.
This would put the Trump brand foray in Saudi Arabia for the first time, and that should be more than enough to cement the Dar Global brand presence in the Kingdom. And Set Apart from Its parental company Dar Al Arkan.
