Dar Global invests in Jeddah, Riyadh land plots

SAUDI ARABIA: Dar Global, which recently launched the Trump Tower Jeddah and Neptune by Mouawad in Riyadh, is investing in two strategic development land sites in Jeddah and Riyadh with a total US$390 million valuation. The US$93 million Jeddah acquisition will see 243 fully-developed plots within a 863,000 square meter planned community to be marketed directly to customers – with profit expected over the next two years from an estimated gross development value (GDV) of about US$200 million. The second US$297 million acquisition in Riyadh of 190 plots covering 466,877 square meters has a US$800 million estimated GDV; it is bought from parent company Dar Al Arkan Real Estate – which emphasizes Shariah compliance in its operations, including financing and investments.