Dar Global snaps up land plots for USD 390 mn: DarGlobal, the Dubai-based international arm of homegrown real estate developer Dar Al Arkan, acquired land plots in Riyadh for USD 297 mn and in Jeddah for USD 93 mn, it said in a filing to the London Stock Exchange.

The details: The Riyadh plots — acquired from Dar Al Arkan — include 190 parcels spanning a 466.9k sqm area, located in the north of the city near key landmarks and high-activity areas — and is set to be resold with a gross development value (GDV) of some USD 800 mn, according to the filing. Dar Global also landed 243 fully developed plots in Jeddah within a 863k sqm master planned-community from an unnamed local landowner, with the intention to sell directly to retail buyers at a projected GDV of USD 200 mn over the next two years.

The financing: The company will finance the acquisitions either through proceeds from the plots’ development or issuing new shares — or a mix of both — with payments to be wrapped up within 60 months of signing the definitive agreements.

REMEMBER- Dar Global has been busy lately: The real estate developer was set to launch its first Saudi project in Riyadh in partnership with jewelry brand Mouawad in November. The company’s expansion follows joint projects with the Trump Organization, including Trump Towers in Jeddah and Dubai, as well as a 3.5 mn sqm hotel project in Oman.

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