A consortium comprising Saudi-listed Dar Al Arkan Real Estate Development Company has won a real estate deal worth 4.46 billion Saudi riyals ($1.18 billion) in Jeddah. 

The consortium included Kenzi Al Arabiya Company and a group of investors, the developer said in a statement to the Saudi stock exchange on Monday.

The consortium acquired Orchid Land in one of the largest real estate auctions in Saudi Arabia this year, the statement added. 

The land is located in Jeddah and covers an area of one million square metres.

No real estate development plans were revealed.

The deal is likely to positively impact Dar Al Arkan's revenues from the second quarter of 2025. 

Dar Al Arkan is the majority shareholder in the London-listed international developer Dar Global.

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

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