Dar Global aims to leverage its investor network spanning nearly 120 nationalities to attract more foreign capital to Saudi Arabia’s property market, CEO Ziad El Chaar told Asharq Al-Awsat.
The London-listed developer has attracted buyers from 57 foreign nationalities to a Jeddah project and plans three more Saudi developments — two in Diriyah and one in Jeddah — in partnership with new international brands. Saudi Arabia now represents roughly half its portfolio.
Dar Global’s net profit surged 149% in the first half of 2026, while revenue rose 66%, driven by earlier sales and construction progress.
El Chaar explained that property sales are reflected in earnings as developments advance. Now in its fifth year, the company has pursued geographic diversification to offset slowdowns in individual markets.
Earnings were partly supported by a Riyadh project launched about 18 months ago with Mouawad Jewelry and an Aston Martin-branded development in Ras Al Khaimah.
Saudi Arabia Drives Growth
Expansion into Saudi Arabia has helped double Dar Global’s portfolio development value, particularly through major projects in Diriyah and Jeddah.
Its Wadi Safar development in Diriyah spans approximately 3 million square meters and includes around 500 palaces in a gated community overlooking golf courses, green spaces and valleys.
Prices range from SAR 15 million ($4 million) to SAR 160 million ($42.6 million).
Despite weakness in parts of the regional property market, the project has recorded strong sales among Saudi buyers, reflecting its exclusivity, according to El Chaar.
In Jeddah, a development on King Abdulaziz Road has attracted buyers from 58 nationalities, including Saudis.
“We are no longer just property developers. We have become part of attracting foreign investment to the Kingdom,” he declared.
Reducing Execution Risks
To address a shortage of available contractors, many of whom are occupied with major government projects, Dar Global established a contracting company and acquired a project management firm.
The moves brought project management, supervision and cost control in-house.
“With major expansion, you need to keep the development chain in your own hands to reduce execution risks,” El Chaar explained.
The company finances projects through equity, local and international bank loans, off-plan sales and partnerships with landowners, developers and investors.
These arrangements support expansion without substantial land purchases, while its London listing provides governance and transparency that strengthen partner confidence.
Company equity is approaching $500 million, with return on equity reaching approximately 25% in 2025.
Partnerships with international brands, including Trump, Aston Martin, Lamborghini, Fendi and Versace, remain central to its strategy.
El Chaar emphasized their global marketing reach and the confidence they inspire through rigorous checks before allowing developers to use their names.
Costs and Supply Chains
Rising construction costs and supply chain disruptions continue to pressure the sector, particularly fluctuations in energy, steel, concrete and transportation prices.
Projects in Saudi Arabia, Oman and Qatar have experienced no major disruptions, although Dubai developments faced some delays before alternative materials were sourced, including through Jeddah.
Most projects remain on schedule, but certain major construction contracts for more complex developments have moved from the third to the fourth quarter, with some potentially extending into early 2027.
Customer delivery commitments remain on track, El Chaar maintained.
The company plans launches in Diriyah in October and November, followed by Jeddah in December.
He ruled out a Saudi stock market listing for now, citing possible duplication with its London listing, but disclosed plans to issue additional shares in London when market conditions improve.
Gulf Investment Outlook
El Chaar argued that geopolitical developments should not obscure the Gulf’s long-term property fundamentals.
“When I speak to investors, I don’t talk about Riyadh alone, or Dubai or Ras Al Khaimah. I talk about the Gulf,” he remarked.
Unlike some European and Asian markets raising taxes or restricting foreign investors, Gulf countries are easing property ownership, residency and banking requirements to attract capital.
Annual population growth of 2.5% to 3% in some regional markets also supports demand, he observed.
Saudi Arabia’s foreign ownership reforms represent a major turning point.
“We are not talking about opening a small market, but a market in a G20 economy,” he emphasized.
El Chaar estimated annual Saudi domestic demand at around $600 billion, arguing that its scale provides stability even before foreign investors enter.
He also highlighted economic growth, stronger governance, transparency and major initiatives such as Expo 2030 as long-term attractions.
Saudi Arabia accounts for approximately 50% of Dar Global’s portfolio, while the Gulf represents around 80%.
Beyond substantial investments in southern Spain, the company plans to expand in Britain, particularly London, and Spain, while exploring opportunities in Greece, provided its tax environment remains attractive to foreign investors.
El Chaar considers Saudi Arabia and the wider Gulf among the most appealing long-term destinations for domestic and international property investment.
