Dubai’s Dar Global Expands Into Financial Services, Strengthens Liquidity With $165mln Facility

London-listed luxury real estate developer Dar Global is acquiring a licensed financial services company in the Dubai International Financial Centre (DIFC), a move that will enable the firm to tap into broader revenue streams.

The international property arm of Saudi Arabia’s Dar Al Arkan also announced it has bolstered its liquidity with a $165 million facility underwritten by Emirates NBD, with participation from ADCB, FAB, and Zand Bank.

The structure is secured by a pledge of shares and backed by corporate guarantees, the company said in a statement to the London Stock Exchange (LSE).

In addition, Dar Global has entered into a joint development agreement with Dar Al Arkan and completed strategic land acquisitions in Riyadh and Jeddah, raising its Gross Development Value (GDV) to approximately $12.5 billion.

Ziad El Chaar, CEO of Dar Global, said: “These milestones mark an important inflection point for Dar Global. In Saudi Arabia, we are delivering landmark projects in prime locations and looking to bring in more overseas investment as the Kingdom opens up.

"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 opportunities that previously would not have been available to the Group.”

In April, Dar Global in partnership with The Trump Organization, launched a $1 billion, 80-storey tower in Dubai that includes luxury penthouses, a hotel and branded homes.