LSE-listed real estate developer Dar Global announced on Tuesday the acquisition of a 28,800 square metre (sqm) prime plot of land in Jeddah, Saudi Arabia.

The company said in a press statement that the plot, located within an integrated masterplan in the Red Sea city, will host a mixed-use project comprising premium residential units, serviced apartments, retail and office spaces.

The press statement said the project's estimated GDV is $1 billion.

"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,” said Dar Global CEO, Ziad El Chaar.

In a stock exchange statement dated 8 September, Dar Global said the acquisition consideration of 233 million Saudi riyals ($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

It said the acquisition is a swap with the Jeddah acquisition announced on 17 March 2025.

The statement noted the project's GDV is estimated at SAR 2.4 billion ($640 million).

Rothschild & Co acted as the sole sponsor of the transaction.

Dar Global is the independent international development subsidiary of Saudi-listed Dar al Arkan Real Estate Development Company.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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