LONDON: Dar Global celebrated on Tuesday its official transfer to the Equity Shares (Commercial Companies) category, announced in September, and rang the market-opening bell at the London Stock Exchange.
Since its establishment in 2017, the Saudi-born real estate company has emerged as a key player in the luxury real estate market, developing projects in nearly 14 cities across the Gulf Cooperation Council, the UK, Spain, Greece, and Bosnia.
It was the first Saudi homegrown company to be listed on the LSE in February 2023 and the first from the broader Middle East to transition to the higher ESCC standard.
“The choice of coming here reflects our belief in London’s deep and sophisticated capital markets, our confidence in the UK’s resilience and the value we saw in tapping into a global investor base,” David R. Weinreb, the non-executive chairman of Dar Global, told Arab News.
Dar Global representatives rang the market-opening bell at the London Stock Exchange on Tuesday. (Supplied)
Dar Global has expanded internationally from Dar Al Arkan, the largest real estate developer by market share in Saudi Arabia, with 31 years of legacy delivering properties in the Kingdom.
Weinreb said that the company is ready to offer ultra-luxury units to non-Saudi buyers, who will be able to own properties in designated zones for the first time in Saudi cities when a new law takes effect in January. The ownership law is part of the broader Vision 2030, which aims to diversify the economy and attract foreign capital to the Saudi real estate market.
Since its listing on the LSE, Dar Global has announced several projects, including Trump Tower, a luxury seafront residence located in the Red Sea city of Jeddah, as well as developments in Riyadh and Muscat, the capital of Oman. In November, it reported a gross development value of $19 billion.
“Our vision is to solidify our position as the world’s leading ultra luxury real estate developer, recognized for our iconic projects and our unwavering commitment to excellence. And, of course, value creation for our shareholders,” Weinreb said.
Dar Global has formed partnerships with over 10 prestigious luxury brands, including the Trump Organization, Aston Martin, Lamborghini, Dolce & Gabbana, Marriott, Pagani, and W Hotels, to develop luxury units under these brands and deliver the greatest value to investors.
On Monday, the company and the Trump Organization announced the debut of the Trump International Hotel Maldives. The project is the first for the Trump Organization’s brand and for Dar Global in the Maldives, and it will also be the world’s first tokenized hotel development, allowing investors to buy digital shares.
“We are pioneering and leading the way here,” Weinreb said, “and we feel it’s a tremendous, long-term outlet to a new investor.”
Dar Global is the first Saudi homegrown company to be listed on the LSE in February 2023. (AN Photo / Mustafa Abu Sneineh)
In Dubai, the company developed 85 exclusive apartments branded by Pagani, the Italian manufacturer known for high-performance sports cars. Weinreb said that selecting a brand to partner with is “a very specific exercise.
“It relates to each property that we ultimately secure, a piece of land, and then internally looking to understand what the market needs are and what a brand partner will specifically bring to the table that will be valuable to our consumer,” he said.
On Tuesday, the company unveiled its new slogan, “Live All In.” Ziad El-Chaar, the CEO of Dar Global, said that the slogan reflects the company’s “dedication to excellence and our unique approach to creating unparalleled lifestyle experiences and investment pathways across the globe.”
Dar Global is looking to enter the US market and establish a presence in the Dubai International Financial Centre. The company is partnering with Rothschild & Co and AlixPartners to expand into financial services and asset management through a new investment arm.
Before he was appointed non-executive chairman for Dar Global in October 2024, Weinreb was the co-founder and CEO of the Howard Hughes Corp., a leading US real estate company, from 2010 to 2019.
“We have great hopes of continuing our rapid expansion,” he said regarding Dar Global’s plans. “But we don’t want to be big just to be big. We want to be big, to be better, to have more reach, where we can serve our customer base.”
