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Dar Global, Mouawad Announce $234.6 Million Luxury Residential Project in Riyadh

An imaginary drawing of the joint project between Dar Global Real Estate and Mouawad (Asharq Al-Awsat)
An imaginary drawing of the joint project between Dar Global Real Estate and Mouawad (Asharq Al-Awsat)
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Dar Global, Mouawad Announce $234.6 Million Luxury Residential Project in Riyadh

An imaginary drawing of the joint project between Dar Global Real Estate and Mouawad (Asharq Al-Awsat)
An imaginary drawing of the joint project between Dar Global Real Estate and Mouawad (Asharq Al-Awsat)

London-listed real estate company, Dar Global, has partnered with luxury jeweler Mouawad to launch a SAR880 million ($234.6 million) residential project near the World Expo 2030 in the northern part of the Saudi capital, Riyadh.
The development marks Dar Global’s entry into the Saudi market and Mouawad’s expansion into luxury real estate, the company said in a statement.
The project is set for completion in Q4 2026. It will comprise 200 residential villas designed to become one of Riyadh’s most prestigious addresses and to blend the expertise of Dar Global in the field of real estate with Mouawad’s legacy.
Property owners with investments of SAR 4 million ($1.06 million) or more will be granted the Real Estate Owner Residency, a statement from Dar Global said.
This initiative aims to attract international investors and enhance Riyadh’s status as a global luxury destination.
Ziad El Chaar, CEO of Dar Global said, “This is a proud moment for Dar Global as we bring our international expertise and high standards of living to the Saudi market. Our partnership with Mouawad, a brand synonymous with diamonds, luxury and artistic craftsmanship, is an embodiment of our shared vision to offer a unique, globally-inspired living experience in Riyadh.”
He added, “We aspire for this project to stand as a benchmark of luxury and elegance, much like the renowned Bulgari Residences. It underscores our commitment to enhancing the Kingdom’s real estate offering with developments that stand at the intersection of modernity, elegance, and timeless design.”
Pascal Mouawad, Fourth Generation Co-Guardian of Mouawad said that, “For more than a century, Mouawad has long been a hallmark of luxury and enduring elegance.”
He noted, “Our collaboration with Dar Global enables us to expand our legacy into the realm of branded residences, infusing our unique identity into prestigious developments around the world. We believe this milestone will set a new standard for luxury living in the real estate market.”
For Dar Global, the project is part of a broader strategy to introduce international luxury standards to Saudi Arabia’s real estate sector.
With a proven track record across the Middle East and Europe, Dar Global is committed to introducing internationally recognized standards of luxury to Saudi Arabia.

 

 

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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.