Saudi developer Dar Al Arkan Real Estate Development Company said on Monday that it has completed registration and ownership transfer procedures for the Orchid land parcel in Jeddah, marking the largest real estate transaction ever recorded in the Red Sea city.

Dar Al Arkan had won the auction in February 2025 as part of a consortium with Kenzi Al Arabiya Company and other investors, paying 4.46 billion Saudi riyals ($1.19 billion) including taxes and commissions for the land spanning one million square metres (sqm).

The developer said in a stock exchange statement it will begin development fieldwork once regulatory approvals and licenses are secured.

The company holds an 80 percent stake in the land, which is located at a prime spot fronting King Abdulaziz Road, opposite Red Sea Mall and near the Formula 1 circuit.

In May 2025, Dar Al Arkan said board member Abdulrahman Saleh Alsawi held a direct interest in Kenzi Al Arabiya Company.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.