Dar Global ups liquidity with USD 165 mn facility, expands into financial services: Dar Global, the Dubai-based luxury developer and international arm of Saudi Dar Al Arkan, increased a financing facility to USD 440 mn from USD 275 mn, it said in a disclosure to the London Stock Exchange. The facility is secured by a pledge of shares and backed by corporate guarantees.

Who’s involved? The additional USD 165 mn was underwritten by Emirates NBD, with Abu Dhabi Commercial Bank, First Abu Dhabi Bank, and Zand Bank also participating.

Where the money’s going: The expanded facility will accelerate delivery of Dar Global’s growing project pipeline across the Middle East, Europe, and North America.

The firm is deepening its Saudi pipeline: The company signed a new joint development agreement with Dar Al Arkan and acquired strategic land in Riyadh and Jeddah, it said in the disclosure. Together, the projects — which could include luxury villas, a world-class golf course, and a high-end hotel — bring the group’s gross development value to around USD 12.5 bn. The plans include:

  • co-developing a USD 2.8 bn integrated scheme anchored by a USD 300 mn partial land purchase in Riyadh;
  • and developing a mixed-use project valued at nearly USD 2 bn on one of the city’s most prominent land parcels.

Dar Global has been actively eyeing expansion in KSA: Last August, the company tapped Rothschild & Co to explore potential acquisitions and joint ventures in Saudi Arabia and London. The move was part of a strategy to grow annual revenues to USD 3 bn from USD 700 mn by deepening its GCC presence, CEO Ziaad El Chaar previously said.

PLUS- The developer also acquired a financial services firm in the Dubai International Financial Center (DIFC), marking its entry into the financial services space, according to the disclosure, which did not disclose the name of the firm. The acquisition will allow the company to attract institutional and private capital into real estate funds, participate in larger-scale projects with less risk, and build recurring revenues beyond the development cycle through asset management, investment banking, and advisory.

What they said: “The enhanced financing facility reinforces our balance sheet to fuel growth at scale and the establishment of a financial services arm in DIFC enhances our ability to structure capital and unlock global [prospects] that previously would not have been available to the Group,” El Shaar said.

REMEMBER- Dar Global operates in 14 cities across nine countries and has partnered with over 10 global luxury brands. Recent UAE milestones include a partnership with the Trump Organization to develop Trump Tower Dubai, which launched sales in April, the AED 1.4 bn DG Villas project at Jumeirah Golf Estates, and an AED 201.5 mn main works contract for The Astera on Al Marjan Island in Ras Al Khaimah. The company also launched Trump Tower Jeddah last year as part of its Saudi portfolio.

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