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JEDDAH - Dar Global PLC has signed an agreement with Dar Al Arkan Real Estate Development Company to acquire a 28,800 square meter land parcel in Jeddah for a luxury mixed-use development project, according to a press release statement issued Monday.
The site, located within one of the city’s new masterplans and near key lifestyle and entertainment destinations, is designated for a scheme that will include premium residences, serviced apartments, retail, and office spaces. The project has an estimated gross development value of approximately SAR 2.4 billion (USD 640 million).
The acquisition consideration of approximately SAR 233 million (USD 62 million) will be settled through a combination of cash generated from sales and/or Dar Global shares within 60 months from the signing of definitive agreements.
The company noted that this acquisition replaces a previously announced Jeddah acquisition from March 17, 2025.
Dar Global, which specializes in luxury developments across the Middle East and Europe, stated that the acquisition aligns with its strategy to focus on prime locations and branded luxury projects that enhance its portfolio while reinforcing Jeddah’s position as a luxury real estate hub.
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