Foreign buyers to make up 30% of Dar’s local sales?

Dar Global expects foreign buyers to account for about 30% of its Saudi sales as Saudi Arabia opens its residential property market to eligible international investors, CEO Ziad El Chaar tells EnterpriseAM. The developer already received expressions of interest for around 350 units worth USD 1-1.5 bn.

“We know we are experts in attracting foreign investors to any market. We’ve done it before in so many countries,“ El Chaar said.

REMEMBER- Regulations governing foreign ownership of residential property in designated areas went into effect over the last couple of weeks, part of a broader push to attract international capital and boost the kingdom’s real estate market.

Eager to start: Dar Global is among the first developers to register on the government’s foreign ownership platform Saudi Properties, and expects to begin taking bookings shortly after its projects are approved. “Watch us within 15 days of the projects going on the platform,” El Chaar said.

Wagering on Saudi: The London-listed developer, established as the international luxury arm of Tadawul-listed Dar Al Arkan, now has USD 11.5 bn in projects under development in the Kingdom, including Trump-branded residential developments in Jeddah and Riyadh, alongside projects with Roshn. Construction is progressing on Trump Tower Jeddah and luxury mansions in Diriyah as part of its expanding kingdom portfolio.

El Chaar said the company’s expansion is supported by multiple funding sources, including some USD 600 mn in freecash on its balance sheet, as well as customer proceeds from off-plan sales and bank financing. Dar Global also secured a USD 250 mn financing facility from Emirates NBD and First Abu Dhabi Bank in April to fund new acquisitions rather than existing developments. “We are focusing on this type of funding more than entering today into sukuk or anything of that sort,” he said.

Beyond property development, Dar Global is preparing to launch its first investment fund after acquiring a DIFC-regulated asset management firm, with the fund expected to reach its first close in September. The platform will invest in income-producing assets such as hotels and commercial buildings across Saudi Arabia, the UAE, the US, and Europe.

What’s next? Dar Global is also expanding its portfolio of branded developments, with three new international brands set to launch over the next six months, including two making their Saudi debut, adding to existing partnerships with Trump, Aston Martin, and Versace, among others. El Chaar said it is “too early” to consider a dual listing, noting that Dar Global has only been listed in London for about two-and-a-half years.