213800XRFXQ1KEWACW80 2025-01-01 2025-12-31 213800XRFXQ1KEWACW80 2025-12-31 iso4217:USD 213800XRFXQ1KEWACW80 2024-12-31 213800XRFXQ1KEWACW80 2024-01-01 2024-12-31 iso4217:USD xbrli:shares 213800XRFXQ1KEWACW80 2023-12-31 ifrs-full:IssuedCapitalMember 213800XRFXQ1KEWACW80 2023-12-31 ifrs-full:StatutoryReserveMember 213800XRFXQ1KEWACW80 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800XRFXQ1KEWACW80 2023-12-31 ifrs-full:RetainedEarningsMember 213800XRFXQ1KEWACW80 2023-12-31 ifrs-full:SharePremiumMember 213800XRFXQ1KEWACW80 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800XRFXQ1KEWACW80 2023-12-31 ifrs-full:NoncontrollingInterestsMember 213800XRFXQ1KEWACW80 2023-12-31 213800XRFXQ1KEWACW80 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 213800XRFXQ1KEWACW80 2024-01-01 2024-12-31 ifrs-full:StatutoryReserveMember 213800XRFXQ1KEWACW80 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800XRFXQ1KEWACW80 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 213800XRFXQ1KEWACW80 2024-01-01 2024-12-31 ifrs-full:SharePremiumMember 213800XRFXQ1KEWACW80 2024-01-01 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800XRFXQ1KEWACW80 2024-01-01 2024-12-31 ifrs-full:NoncontrollingInterestsMember 213800XRFXQ1KEWACW80 2024-12-31 ifrs-full:IssuedCapitalMember 213800XRFXQ1KEWACW80 2024-12-31 ifrs-full:StatutoryReserveMember 213800XRFXQ1KEWACW80 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800XRFXQ1KEWACW80 2024-12-31 ifrs-full:RetainedEarningsMember 213800XRFXQ1KEWACW80 2024-12-31 ifrs-full:SharePremiumMember 213800XRFXQ1KEWACW80 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800XRFXQ1KEWACW80 2024-12-31 ifrs-full:NoncontrollingInterestsMember 213800XRFXQ1KEWACW80 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 213800XRFXQ1KEWACW80 2025-01-01 2025-12-31 ifrs-full:StatutoryReserveMember 213800XRFXQ1KEWACW80 2025-01-01 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800XRFXQ1KEWACW80 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsMember 213800XRFXQ1KEWACW80 2025-01-01 2025-12-31 ifrs-full:SharePremiumMember 213800XRFXQ1KEWACW80 2025-01-01 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800XRFXQ1KEWACW80 2025-01-01 2025-12-31 ifrs-full:NoncontrollingInterestsMember 213800XRFXQ1KEWACW80 2025-12-31 ifrs-full:IssuedCapitalMember 213800XRFXQ1KEWACW80 2025-12-31 ifrs-full:StatutoryReserveMember 213800XRFXQ1KEWACW80 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800XRFXQ1KEWACW80 2025-12-31 ifrs-full:RetainedEarningsMember 213800XRFXQ1KEWACW80 2025-12-31 ifrs-full:SharePremiumMember 213800XRFXQ1KEWACW80 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800XRFXQ1KEWACW80 2025-12-31 ifrs-full:NoncontrollingInterestsMember
1
DARGLOBAL.CO.UKANNUAL REPORT & ACCOUNTS 2025LIVE ALL IN
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 1
At Dar Global, we believe luxury represents the most compelling
form of real estate investment. Guided by a global vision, we set
the world’s standard by curating best-in-class iconic properties,
delivering exceptional and sustainable investment opportunities
for our customers
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025
”A GLOBAL VISION,
SETTING THE WORLD’S
STANDARD FOR
LUXURY REAL ESTATE
INVESTMENTS”
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 2
STRATEGIC REPORT
03. At a glance
13. Chairman’s Statement
14. Chief Executive Officer’s Statement
16. Financial Review
22. Our Strategy
25. Our Business Model
26. Market Overview
28. Portfolio Overview
52. Risk Management
57. Going Concern and Viability Statement
58. Section 172 Statement
61. Our People
62. Sustainability
65. Task Force on Climate-related Financial
Disclosures
GOVERNANCE REPORT
81. Corporate Governance Framework
84. Board of Directors
86. Senior Leadership Team
87. Audit and Risk Committee Report
91. Nomination Committee Report
93. Directors’ Remuneration Report
97. Directors’ Report
01. 02.
FINANCIAL STATEMENTS
101. Independent Auditor’s Report to the Members
of Dar Global PLC
106. Consolidated Statement of Financial Position
107. Consolidated Statement of Profit or Loss and
Other Comprehensive Income
108. Consolidated Statement of Changes in Equity
109. Consolidated Statement of Cash Flows
110. Notes to the Consolidated Financial Statements
137. Company Statement of Financial Position
138. Company Statement of Changes in Equity
139. Notes to the Company Financial Statements
03.
TABLE OF
CONTENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 3
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
KEY HIGHLIGHTS FOR THE YEAR 2025
USD 538.6 mn
USD 19 bn
(FY24 Revenue USD 240.3 million) increased to 20 launched projects
(from USD 7.5 billion in December 2024)
Dar Global’s vision is to unlock access to sophisticated luxury living in the world’s most exceptional
destinations. From the GCC to Europe and beyond, we curate opportunities in prime international markets
through exclusive design collaborations and prestigious brand partnerships. We work with the world’s most
luxurious brands to elevate every aspect of the buyer experience, setting new standards for the future of
refined living.
We create meticulously crafted residences and hotels in the world's most sought after destinations,
offering not just property, but also an invitation to invest in an extraordinary lifestyle.
DAR GLOBAL IS A PREMIER
INTERNATIONAL REAL ESTATE
DEVELOPER REDEFINING LUXURY
LIVING FOR THE MODERN GLOBAL
CITIZEN AND INVESTOR.
AT A GLANCE
REVENUE OF GDV OF
USD 126.6 mn USD 100.8 mn
(FY24 EBITDA USD 30.1 million) (FY24 Net profit of USD 14.9 million)
EBITDA OF NET PROFIT OF
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 4
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
OUR BRAND PARTNERS
AT A GLANCE continued
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025
5
GOVERNANCE REPORT
OUR GLOBAL
PRESENCE
Dar Global's team of accomplished experts specializes in creating
bespoke, high-end residences and investment opportunities across the
world's prime locations.
Leveraging deep expertise, innovative development strategies, and a unified global approach, we curate an
exceptional portfolio of luxury living experiences in the most sought-after destinations worldwide.
With a presence in 14 key luxury real estate markets, we deliver a truly global offering that meets the lifestyle
and investment needs of the international citizen.
AT A GLANCE continued
NEW YORK
LONDON
BENAHAVIS
CASARES
MARBELLA
ATHENS
RAS AL KHAIMAH
MALDIVES
DUBAI
MUSCAT
DOHA
JEDDAH
RIYADH
MANILVA
SALES
OFFICES
PROJECT
CITIES
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025
6
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
OUR FLAGSHIP PROJECTS
UAE
D-VILLAS AT JUMEIRAH
GOLF ESTATES
THE ASTERA, INTERIORS BY
ASTON MARTIN
DG1 DA VINCI TOWER,
INTERIORS BY PAGANI
URBAN OASIS
BY MISSONI
W RESIDENCESTRUMP INTERNATIONAL
HOTEL & TOWER DUBAI
DUBAI DUBAI DUBAI DUBAI DUBAI DUBAI
TOP OF THE ASTERA
AT A GLANCE continued
DAR GLOBAL PLC
RAK RAK
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025
7
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
OUR FLAGSHIP PROJECTS
AT A GLANCE continued
DAR GLOBAL PLC
SAUDI ARABIA
TRUMP MANSIONS TRUMP EXECUTIVE
RESIDENCES
RAYANA MANSIONS AMAYATRUMP PARK
RESIDENCES
D’MANSIONSJEDDAH
WADI SAFAR
JEDDAH
WADI SAFAR WADI SAFAR
JEDDAH
TRUMP TOWER JEDDAHNEPTUNE, INTERIORS BY
MOUAWAD
RIYADH JEDDAH
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025
8
STRATEGIC REPORT
FINANCIAL STATEMENTS
GOVERNANCE REPORT
OUR FLAGSHIP PROJECTS
AT A GLANCE continued
DAR GLOBAL PLC
OMAN
TRUMP INTERNATIONAL
HOTEL, OMAN
FAIRWAY VILLASTRUMP CLIFF
VILLAS
THE GREAT ESCAPENICKELODEON HOTELS
& RESORTS – AIDA
TRUMP GOLF VILLASAIDA AIDA AIDAAIDA AIDA AIDA
COASTAL INVESTMENT
VILLAS
AMOUR SANS DETOURSUNRISE HAVENTHE GREAT ESCAPE 2 MARRIOTT RESIDENCESAIDA AIDA AIDAAIDA AIDA
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025
9
STRATEGIC REPORT
DAR GLOBAL PLC
AT A GLANCE continued
OUR FLAGSHIP PROJECTS
UNITED KINDOM
7&8 ALBERT HALL MANSIONSTHE MULLINER LONDON LONDON
QATAR
LES VAGUES BY ELIE SAAB DOHA
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025
10
STRATEGIC REPORT
AT A GLANCE continued
OUR FLAGSHIP PROJECTS
SPAIN
MALDIVES
MAREA, INTERIORS BY
MISSONI
TIERRA VIVA, DESIGN INSPIRED BY
AUTOMOBILI LAMBORGHINI
TRUMP INTERNATIONAL
HOTEL & RESORT MALDIVES
PAINITE VILLAS DESIGN INSPIRED BY
AUTOMOBILI LAMBORGHINI
BENAHAVÍS
NOONU ATOLL
BENAHAVÍS CORTESIN
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025
11
STRATEGIC REPORT
OUR LEGACY
DAR AL ARKAN OVERVIEW
OVER 3 DECADES
of unwavering experience
OVER 500,000M
2
of commercial space
15,000+
Residential units
delivered
LISTED ON SAUDI
STOCK EXCHANGE
~ USD 11BN
in assets
AT A GLANCE continued
Built on the legacy of Dar Al Arkan, Dar Global offers a uniquely curated gateway
for international customers seeking premium real estate. Drawing on decades
of proven development expertise, we provide exclusive access to high quality
opportunities across some of the world’s most desirable markets
Dar Global has established a strategic international real estate development platform that complements the long
standing market leadership of Dar Al Arkan in Saudi Arabia. This unique combination of expertise and heritage enables
us to channel global capital into high growth opportunities both within the Kingdom’s rapidly expanding real estate
landscape and across select international destinations.
Our portfolio of 20 active projects, representing a gross development value of US$ 19 billion, reflects our capability
to connect global investors and deliver value across diversified geographies.
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 12
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTSSTRATEGIC REPORT
Milestones of 2025: A Defining Year of Strong Growth and Major Achievements
March
May
June
July
September
October
November
December
August
April
• Launched D-Villas at Jumeirah Golf Estates, Dubai, UAE,
a premium real estate development introduced in one of
Dubai’s prestigious communities
• Appointed main contractors for works on the Great escape
apartments, 91 Villas and 60 townhouses in Aida Phase 1,
Oman
• Appointed main contractor for our Marea by Missoni (Block C
And Block D) in Spain
• Dar Global awarded main contractors for works for ‘The
Astera, Interiors by Aston Martin’ in RAK, UAE
• Received approval from the UK Financial Conduct Authority
for Admission to the Equity Shares (Commercial Companies)
category of London Stock Exchange (LSE). -The Company
became the first GCC-based business to be listed under the ESCC
category.
• Acquired prime plot in Jeddah to launch Trump Plaza, our second
collaboration in Jeddah with the Trump Organization following the
success of Trump Tower.
• Started handover of iconic DaVinci Tower by Pagani Automobili
in UAE
• Awarded Main Works Contract for Trump Tower, Jeddah
• Dar Global’s Project Pipeline Reaches USD 19$ Billion with Major
Expansion into Saudi Arabia
• Dar Global and The Trump Organization Announced Trump
International Hotel Maldives, a tokenized Hotel Development
project.
• Dar Global Rings the London Stock Exchange Opening Bell,
Anchoring Global Expansion with Launch of “Live All In” Slogan
• Announced a partnership with Art District Real Estate
Development, MAD (Muscat’s Marine, Art & Digital District),
a new coastal destination integrating Oceanfront living, Luxury
hospitality, Arts and culture, Future-focused digital and creative
industries in Oman
• Announced plans for Riyadh Project (Diriyah) - Development
rights secured for ~US 2.8$ billion project via partial land
acquisitions and a joint development agreement.
• Announced landmark joint development agreement for a ~US
1.9$ billion GDV project on a prime parcel in Jeddah. Plans include
luxury villas, a world-class golf course, and a luxury hotel.
• Litmus financing facility enhanced – Additional US$ 165 million
secured, increasing the Litmus facility to US$ 440 million.
Enhances liquidity and supports international expansion
• Proposed entry into asset management through the strategic
acquisition of a licensed financial services platform in the DIFC,
subject to regulatory approval, to unlock global capital and
enable expansion into new geographies
• Launched Trump International Hotel & Tower, Dubai, UAE,
a landmark luxury development branded under the Trump
name, reinforcing Dar Global’s footprint in the UAE.
• Announced Development plan of Trump International Golf
Club, Doha and Ultra-Luxury Beachfront Villas Within the
Simaisima Community
AT A GLANCE continued
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 13
A Year of Unprecedented Growth and Global
Expansion
2025 was by any measure a transformative year for Dar Global—one
that saw us more than double our project pipeline to approximately
USD 19 billion, expand into new markets, and deliver on the financial
commitments we made to you when we set out our guidance in 2023.
The growth we achieved this year is not just a reflection of market
conditions; it is a testament to the extraordinary team we have built and
the trust you, our shareholders and partners, continue to place in our
vision.
Strategic Expansion, Landmark Launches and
Focused Execution
Our most notable milestone was our broadened entry into the Kingdom
of Saudi Arabia, where we acquired strategic lands for landmark projects
in Riyadh and Jeddah. We successfully launched these prestigious
projects in January 2026 in partnership with the Trump brand.
These developments underscore our confidence in the Kingdom’s
robust fundamentals and alignment with Vision 2030. Having witnessed
firsthand the energy and ambition of the Kingdom’s transformation under
Vision 2030, I am confident that Saudi Arabia will be a cornerstone of our
growth. Our presence in Qatar with Trump International Golf Club Doha
and Simaisima Villas, alongside continued momentum in the UAE and
Oman, reinforce our leadership in the region’s luxury markets.
We successfully launched projects this year that exemplify our
commitment to design excellence and innovation. These include D-Villas
at Jumeirah Golf Estates and the Trump International Hotel & Tower
Dubai, a flagship mixed-use development that further strengthen our
leadership in Dubai’s luxury real estate sector. These projects reflect
what we do best: partnering with world-renowned brands to create iconic
living spaces in high-growth markets.
Execution continues to be central to our operations. Main works
contractors were appointed for Astera, Trump Tower Jeddah, D-Villas,
and our projects within AIDA Phase I and Spain illustrating our dedication
to operational excellence and on-time delivery that meets the highest
expectations of our stakeholders.
Strengthening Financial Capacity and Governance
I am proud to report that we achieved our revenue and EBITDA guidance
announced in 2023. We delivered strong results for 2025, with revenues of
USD 538.6 million, EBITDA of USD 126.6 million, and net profit of USD 100.8 million.
The year also marked a major milestone in our capital markets journey as Dar
Global received FCA approval for transfer to the LSE’s Equity Shares (Commercial
Companies) category, becoming the first GCC based company in this category.
We celebrated this achievement by ringing the LSE opening bell, as we unveiled
our global brand message “Live All In,” symbolizing Dar Global’s ambition to create
exceptional lifestyle experiences across our portfolio.
Financial flexibility remains a cornerstone of our capital-light strategy. In 2025,
we enhanced our Litmus facility by USD 165 million and initiated a proposed
acquisition of a licensed DIFC platform to enter asset management, subject to
regulatory approval, expanding our access to global capital.
Outlook: Confidence in a Dynamic Future
While the conflict that erupted in the Gulf in February 2026 has introduced a
new dimension of regional uncertainty, Dar Global enters 2026 from a position
of financial strength — with strong liquidity, disciplined capital deployment, and
the strategic patience to pursue compelling acquisitions as opportunities arise
in the market. Our focus on luxury branded residences, and the globally mobile
clientele they attract, provides us with long term resilience and positions us to
emerge from this period stronger than we entered it. Looking ahead, we remain
committed to selective expansion, strategic partnerships, and iconic projects that
create enduring value for our shareholders and unparalleled experiences for our
customers.
Appreciation
I want to express my deep appreciation — to our shareholders for your continued
trust, to our brand partners for their creativity and collaboration, and to every
member of the Dar Global team for their tireless commitment this year. You are the
reason this company is what it is. The foundations laid in 2025 — in Saudi Arabia,
across our capital structure, and on the London Stock Exchange — position this
company for a defining chapter ahead. The best is yet to come for Dar Global.
David R. Weinreb
Chairman
A Year of Unprecedented Growth
and Global Expansion
David R. Weinreb
Chairman
“
“
CHAIRMAN’S STATEMENT
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 14
Live All In: Turning Global Ambition
into Measurable Progress
Ziad El Chaar
Chief Executive Officer
“
“
CEO’S STATEMENT
Dear Shareholders,
In November 2025, we rang the opening bell in the London Stock Exchange
- a defining moment in our journey. As the first Saudi-born company and
the first from the wider Middle East to join the Equity Shares (Commercial
Companies) category on the LSE's Main Market, we marked this historic
milestone by unveiling our global brand message: Live All In. These three words
embody everything we stand for viz. luxury without compromise, investment
with discipline, and the conviction to transform global aspirations into tangible
realities.
This philosophy is not merely aspirational; it is operational. Throughout 2025,
we expanded into markets, launched signature developments, accelerated
sales momentum, and advanced project execution to deliver exceptional
experiences to our customers. Our portfolio of branded luxury developments
grew substantially, our public market platform strengthened, and we delivered
financial results in line with market guidance.
Building Scale Through Strategic Expansion
2025 marked a year of significant growth. Our gross development value
expanded from USD 7.5 billion in 2024 to USD 19 billion in 2025, driven
primarily by strategic land acquisitions in Riyadh and Jeddah. We launched
these landmark Saudi projects in January 2026, marking a decisive entry into
one of the world's most dynamic real estate markets.
This growth reflects more than numbers—it demonstrates confidence in our
business model and the structural transformation underway in Saudi Arabia. As
the Kingdom enters a new era of openness and global integration aligned with
Vision 2030, we are strategically positioned to connect international investors
with unprecedented opportunities in luxury real estate. We strengthened our
regional footprint with Trump International Golf Club Doha and Simaisima
Villas in Qatar, while in the UAE, we reinforced our market leadership with the
launch of Trump International Hotel & Tower Dubai—the Middle East's first and
only Trump-branded hotel and tower—and D-Villas at Jumeirah Golf Estates,
extending our presence in one of Dubai's most prestigious communities.
From Launch to Delivery: Execution Excellence
Execution remained paramount throughout the year. We successfully
completed Da Vinci Tower by Pagani, with customer handovers now underway
a testament to our ability to deliver world-class developments on schedule.
We also awarded main construction contracts for Astera, Trump Tower Jeddah,
Jumeirah Golf Estates villas, Great Escape under AIDA Phase I, and our Spain
development, accelerating delivery timelines across our entire portfolio.
Delivering Results in Line with Guidance
In FY2024, we communicated a clear market objective: achieving cumulative
revenue of USD 700 million across 2024 and 2025. I am pleased to confirm that we
achieved this cumulative target, reflecting the quality of our portfolio, the strength
of demand for our branded luxury proposition, and our execution discipline.
In 2025, revenue reached USD 538.6 million (FY2024: USD 240.3 million), driven
by the achievement of key construction and revenue recognition milestones
across our portfolio. As anticipated, progress across our developments enabled
the recognition of a significantly greater proportion of revenue this year. Gross
profit stood at USD 189.7 million with a margin of 35% (FY2024: 36%), while EBITDA
totalled USD 126.6 million (FY2024: USD 30.1 million), supporting an average
EBITDA margin across 2024 and 2025 broadly comparable to FY2023. Net profit for
the year reached USD 100.8 million (FY2024: USD 14.9 million).
Our financial position remains robust. Cash and cash equivalents stood at USD
701.5 million (including project escrow balances and escrow retentions) with
undrawn debt facilities of USD 228.2 million (FY2024: USD 424.4 million and
USD 53.1 million respectively), providing the financial flexibility to capitalise on
attractive opportunities whilst maintaining our disciplined approach to capital
allocation.
Saudi Arabia: A Structural Opportunity Aligned with Vision
2030
Saudi Arabia represents a cornerstone of our strategy. The Kingdom's real estate
transformation, driven by Vision 2030, is reshaping demand and broadening global
participation. With the property market opening to foreign non-resident investment
in January 2026, we believe Dar Global is strategically positioned to capitalize
on this defining moment. Our Saudi portfolio, now a significant component of
our USD 19 billion GDV, enables us to capture this structural opportunity while
benefiting from the Kingdom's demographic strength, economic diversification,
and infrastructure investment.
Innovation: Technology, Financial Services and New
Investment Structures
Innovation remains a strategic pillar of Dar Global. In 2025, we progressed a
proposed acquisition of a DIFC-licensed financial services platform, subject to
regulatory approval, to provide asset management capabilities and strengthen our
ability to attract international capital into real estate.
Alongside this platform expansion, we continued to explore and invest in
technologies that can improve the customer journey, expand investor access, and
enhance operational efficiency:
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 15
CEO'S STATEMENT continued
Acknowledgements
I would like to thank our talented teams, trusted partners, prestigious brand
collaborators, and shareholders for their continued support and confidence
in Dar Global. Together, we are delivering exceptional homes and destinations
while building a global platform that creates sustainable value and connects
international capital to the world’s most dynamic real estate markets.
The “Live All In” philosophy is not just our brand promise it is our commitment
to execution, to excellence, and to building a company that delivers on its
commitments to all stakeholders.
Ziad El Chaar
Chief Executive Officer
Outlook and Strategic Priorities
Looking ahead, our priorities remain consistent and focused on
sustainable value creation:
• Leverage the Saudi market which opened to foreign investors,
in January 2026 to capture first-mover advantage in connecting
international capital to Kingdom opportunities; while progressing
active discussions on expansion in Greece and select U.S. markets.
• Deliver and de-risk the portfolio through construction and handover
milestones, converting pipeline into completed projects and
recognised revenue;
• Expand selectively, adding new projects only where returns, market
positioning, and risk profile meet our disciplined investment
thresholds;
• Maintain capital discipline, supported by our capital-light model,
strong liquidity position, and conservative approach to leverage;
• Uphold governance and reporting standards expected of a leading
London-listed company, ensuring transparency and accountability to
all stakeholders;
• Progress our financial services and technology initiatives to create
additional revenue streams and enhance our competitive positioning.
Operational Excellence and Global Distribution
Our operational capabilities strengthened significantly during the
year. Our global distribution network now comprises over 150 sales
professionals across nine sales offices, supported by more than 1300
active brokers in over 60 countries, enabling us to effectively reach
sophisticated investors worldwide.
Our capital-light business model based on off-plan sales, joint
development agreements, and fixed-price construction contracts
provides substantial risk mitigation while maintaining strong returns
on invested capital as we scale.
• Artificial Intelligence: We are harnessing AI to transform how
luxury real estate connects with discerning investors—sharpening
campaign precision, elevating lead quality, personalizing content
creation, and reimagining property discovery. Our approach
ensures technology amplifies human insight rather than replaces it,
recognizing that exceptional real estate decisions are built on both
data intelligence and emotional resonance.
• Tokenization and Digital Ownership Models: Dar Global continues
advancing its tokenization proposition using blockchain-powered
structures to evolve how investors access high-value luxury
real estate, including fractional participation through regulated
platforms. This innovation has the potential to democratize access
to premium real estate investment while maintaining appropriate
investor protections.
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 16
The Company has firmly established itself as a leading developer of luxury homes, achieving remarkable
milestones that position us for continued expansion and sustained long-term growth. Dar Global’s
financial performance in 2025 demonstrates our strategic commitment to long-term value creation,
market expansion, and accelerated construction delivery. Building on a strong foundation, we achieved
substantial growth in Gross Development Value (GDV) through the announcement of several landmark
projects in the Kingdom of Saudi Arabia, while maintaining robust sales performance across both newly
launched and existing developments.
This strategic expansion of our development pipeline reinforces our market leadership in the luxury
real estate sector and underscores our dedication to delivering exceptional, sustainable value to our
stakeholders.
Expanding Our Global Luxury Portfolio for
Sustainable, Long-term Growth
FINANCIAL REVIEW
Geographic Split of Revenue (%)
Year 2025: Financial
Performance
Revenue for the year stood at USD 538.6
million (2024: USD 240.3 million) and
was primarily attributed to construction
progress in our projects across UAE, KSA,
Oman and Qatar.
Gross Profit was USD 189.7 million, with a
margin of 35% (2024: USD 87.4 million and
margin of 36%). EBITDA for the year was
USD 126.6 million (2024: USD 30.1 million),
while Net Profit stood at USD 100.8 million
(2024: USD 14.9 million).
Sales and GDV experienced remarkable growth during the year as we continued to launch additional inventory
across existing and new projects. The revenues with respect to new sales will be recognized in future periods once
the respective projects meet revenue recognition milestones. Gross GDV increased from USD 7.5 billion in 2024
to USD 19 billion in 2025, driven primarily by the expansion in Kingdom of Saudi Arabia.
Geographic Split of Launched GDV as at 31 December 2025
• Total GDV: USD 19 Billion
• Launched GDV: USD 4.8 Billion
1%
KSA
Oman
UAE
Qatar
Spain
Maldives
UK
0 2,000
10,563
GDV Launched GDV
231
Amounts in USD million
3,592
2,499
1,238
395
1,055
392
340
56
15
2,499
888
4,000 6,000 8,000 10,000 12,000
40%
14%
16%
28%
KSA UK
UAE
Qatar
Oman
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 17
FINANCIAL REVIEW continued
Strategic Progress and Financial Stability
The Group continues to leverage its capital light model and maintain a disciplined
approach to liquidity management. The Group’s liquidity position strengthened
significantly, with cash and cash equivalents (including escrow and escrow
retentions) reaching USD 701.5 million as of 31 December 2025, a 65% increase
from USD 424.4 million in the previous year. Net asset value grew to USD 584.4
million, reinforcing the Group’s solid financial foundation and operational strength.
The Group demonstrated robust access to debt capital markets, enhancing its
financial flexibility to capitalise on new opportunities. As of year-end, undrawn debt
facilities stood at USD 228.2 million, demonstrating the Group’s financial resilience
and ability to fund future growth initiatives.
As of 31 December 2025, the total liquidity pool stands at c. USD 311.7 million,
including unrestricted undrawn debt facilities of USD 228.2 million and excluding
project escrow balances. The Group’s escrow balances (including restricted cash)
stood at USD 618.0 million which provides adequate liquidity for completion of
our ongoing projects. This robust liquidity position provides the Group with the
flexibility to capitalise on project opportunities, ensuring a robust and dynamic
asset portfolio to drive future growth.
Revenue: Revenue increased by USD 298.3 million to USD 538.6 million in 2025 (2024: USD 240.3 million), primarily relates to the initial
recognition of revenue for certain projects in the UAE, KSA, Oman, and Qatar following the attainment of the relevant construction milestones.
Gross profit: Gross profit and margin remained at 35% (2024: 36%), with the marginal decrease primarily reflecting project mix.
Other income: The increase in other income is primarily attributable to the gain recognized on the reduction of development property liabilities,
foreign exchange gains, and increase in income from support services provided to related parties.
Operating expenses: The increase is primarily attributable to payroll and related costs, the recognition of sales commissions associated with
increased revenue, and an increase in other administrative expenses. This is partially offset by a reduction in marketing expenses, highlighting
operational efficiency gains.
Net finance cost: Net finance cost represents interest expenses on debt facilities net of finance income and includes the impact of unwinding
discounts on long-term liabilities.
Income Tax: The income tax includes corporate tax and deferred tax expenses (credits).
Amounts in USD million 2025 2024
Revenue 538.6 240.3
Cost of revenue (348.9) (152.9)
Gross profit 189.7 87.4
Gross profit %
35.2% 36.4%
Other income 24.1 4.2
Selling, General & Administrative expenses (93.3) (67.0)
Finance income (cost) (7.8) (11.3)
Share of profit (loss) from joint venture - 0.7
Profit before tax 112.7 14.0
Income tax (12.0) 0.8
Profit for the period 100.8 14.9
Increase (decrease) in foreign currency translation
reserve
5.1 (1.9)
Total comprehensive income for the year
105.9 13.0
Summarised Consolidated Statement Of Profit
Or Loss And Other Comprehensive Income
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 18
FINANCIAL REVIEW continued
Prospects for 2026
The Group’s strong sales momentum and the substantial GDV growth achieved in
2025 highlight the inherent strength and resilience of Dar Global’s business model.
The company has significantly expanded its development pipeline, enhancing
medium-term earnings visibility.
The Group enters 2026 from a position of financial strength, underpinned by robust
liquidity, a healthy sales backlog and substantial escrow balances held against projects
under construction. These resources provide the Group with confidence in its ability
to deliver on its current commitments to customers and stakeholders alike. We remain
well-capitalized to fund ongoing construction activity and to meet all project delivery
timelines.
The Group is mindful of the heightened geopolitical tensions in the Gulf region,
including the escalation of military activity since late February 2026, and the broader
macroeconomic uncertainties that these events have introduced across the markets in
which we operate. While the Board takes these developments seriously, the Gulf states
have historically demonstrated remarkable resilience and an ability to reset following
periods of disruption, as evidenced by the region’s strong recovery from the global
financial crisis of 2009/10 and Covid-19. The Group’s capital-light development model
reduces carrying risk and affords management the flexibility to phase project launches
and construction mobilizations in line with evolving market dynamics. The Board and
executive team bring deep experience of operating through comparable periods of
uncertainty, having been instrumental in navigating similar situations in the past.
Against this backdrop, the Board has adopted a clear focus on liquidity preservation
and capital discipline, and the Group remains well positioned to navigate the current
environment while continuing to prioritize project delivery, sourcing attractive
opportunities and stakeholder value.
Management remains committed to disciplined financial execution as we deliver on
these milestones and will provide further guidance on profitability metrics as the year
progresses and market conditions allow for greater forward visibility.
Development properties: There was a gross addition
of USD 532.5 million, primarily driven by costs incurred on
the Group’s active projects across various geographies,
as well as the acquisition of lands in KSA, UAE, and Qatar,
including borrowing costs capitalised under IAS 23 up to
the point of initial revenue recognition. This increase is
partially offset by USD 335.8 million transferred to the
cost of goods sold in line with revenue recognition.
Advances, deposits and other receivables:
The increase is attributable to sales commissions paid
to brokers and employees in relation to property sales,
which will be expensed in line with the revenue recognition
pattern of the projects, and an increase in VAT refund
receivable, in KSA.
Advances from customers: There was an increase
in collections during the year due to the launch of
new projects in UAE, Oman, Qatar and KSA, as well as
collections from new and previously sold units in existing
projects, in line with the agreed payment plans.
Due to related party: The increase is on account
of drawdown of loan during the year.
Development property liabilities: Increase in
development property liabilities is due to the acquisition
of lands in KSA and Qatar under a deferred payment plan.
Trade and other payables: the increase pertains
to accruals for project related expenses and sales
commissions recognized during the year.
Amounts in USD million
2025
2024 Change
Cash and cash equivalents 668.0 413.6 254.4
Escrow retentions 33.5 10.8 22.7
Trade and unbilled receivables 351.8 277.3 74.5
Advances, deposits and other receivables 185.4 119.8 65.6
Development properties 783.1 586.4 196.7
Other assets 40.8 33.5 7.3
Total assets 2,062.6 1,441.4 621.2
Trade and other payables 125.6 85.0 40.6
Advance from customers 459.5 180.0 279.5
Bank borrowings 169.1 205.5 -36.4
Due to related parties 287.1 222.6 64.5
Development property liabilities 412.1 254.7 157.4
Other liabilities 24.8 15.1 9.7
Total liabilities 1,478.2 962.9 515.3
Net asset value / Total equity 584.4 478.5 105.9
Summarised Balance Sheet
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 19
INVEST IN
CREATING VALUE
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 20
INVEST IN
GROWTH
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 21
INVEST IN
OUR PEOPLE
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 22
We focus exclusively on developing luxury residential and
hospitality properties for HNWIs and UHNWIs in the most
desirable locations across the GCC, Europe, the United States,
and beyond.
Our ambition is to become one of the
world’s leading real estate developers.
Ziad El Chaar
Chief Executive Officer
“
“
OUR VISION
OUR STRATEGY
OUR GOAL
OUR
STRATEGY
“
“
22
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
Our goal for Dar Global is clear: to be the first real estate
company that addresses the needs of a new society of
global citizens, with a luxury offering that is both great
to live in and great as an investment.
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 23
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
01.
02.
STRATEGIC
OBJECTIVES
PROGRESS
DURING 2025
PRIORITIES
FOR 2026
• Started handover of our flagship projects Da Vinci tower by Pagani and
advanced construction across multiple marquee developments.
• Appointed main contractor for
• Trump Tower Jeddah
• Astera, The Astera, Interiors by Aston Martin
• D-Villas at Jumeirah Golf Estates
• Marea by Missoni (Block C And Block D)
• AIDA Phase I -Great Escape apartment and 91 Villas and 60
Townhouses)
• Significantly expanded our regional presence across Saudi Arabia, Qatar,
and Oman, and marked a strategic entry into the Maldives—reinforcing
our ambition to lead in high growth global markets.
• Strengthened our global network by establishing direct relationships with
brokers in more than 60 countries worldwide.
OUR
STRATEGY
• Strengthen construction pace across the portfolio while ensuring
consistent quality and dependable delivery
• Acquire strategic land parcels in premium locations to strengthen
and expand our long-term development pipeline.
• Embed sustainability-led initiatives across new and existing
projects, aligning with recognized global environmental standards
and performance benchmarks.
• Expand Dar Global’s international presence in priority HNWI/UHNWI
feeder markets through a focused, hub-led go-to-market model.
• Strengthen and scale strategic distribution partnerships with elite
brokers, private banks, wealth managers, and family offices.
• Embed AI-enabled capabilities to enhance customer insight,
targeting, and decision-making across the end-to-end sales journey.
Dar Global empowers discerning investors and stakeholders by
delivering exceptional luxury living experiences in the world’s
most sought-after destinations. Through our strategic focus on
high-growth emerging markets, collaboration with elite design
partners, and prestigious brand alliances, we create unparalleled
value while redefining the future of luxury real estate.
Luxury Development
Develop distinguished residential and hospitality
properties in high-growth markets, delivering
premium investment opportunities and
unparalleled living experiences.
Market Expansion
Build a high-performance global distribution
platform to consistently access and convert HNWI/
UHNWI demand through elite broker networks and
institutional relationship channels.
• Achieved significant construction milestones on D-Villas at Jumeirah
Golf Estates, Neptune, DG1, Les Vagues (Tower C and E), AIDA (Phase 1),
while Les Vagues (Tower A) progressed toward completion
• Announced major development initiatives in Riyadh, Jeddah, Doha,
Maldives and Muscat through strategic land acquisitions and landmark
joint development agreements.
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 24
03.
04.
STRATEGIC
OBJECTIVES
PROGRESS
DURING 2025
PRIORITIES
FOR 2026
• Extended our collaboration with The Trump Organization for projects in
Saudi Arabia and the Maldives.
• Launched the “Live All In” as DG brand slogan during the LSE bell-ringing
ceremony, strengthening Dar Global’s visibility and brand recognition
• Enhanced the Litmus Facility by US$165 million to US$440 million,
strengthening liquidity and funding for international growth.
• Planned entry into asset management through the strategic acquisition
of a DIFC-licensed financial services platform, subject to regulatory
approval, enabling access to global capital to support geographic
expansion.
• Secured FCA approval for admission to the Equity Shares (Commercial
Companies) category on the London Stock Exchange, reinforcing public-
market credibility and investor access.
• Accelerated pipeline growth through structured land access, combining
joint development models and deferred land payment terms, while
pioneering a tokenisation-led development approach for the Maldives
hotel to scale efficiently and preserve liquidity.
• Build a scalable branded-residences and branded-hospitality
partnership platform that strengthens Dar Global’s premium
positioning, expands investor reach, and accelerates demand
across priority destinations.
• Leverage brand collaborations across the full customer journey,
from co-marketing and sales events to on-site experiences
and service standards, reinforcing premium positioning and
accelerating demand.
• Continue strengthening Dar Global’s global brand by showcasing
excellence in product delivery and consistently creating value for
investors and global citizens.
• Advance capital-light growth by scaling innovative funding
structures and partnership models that enhance returns
and protect liquidity.
• Prioritise capital deployment into high-yield, fast-turn
projects with clear sell-through visibility and disciplined
underwriting.
Branded Partnerships
Partner with iconic luxury brands of the world to
deliver distinctive branded living and hospitality
experiences to support premium positioning.
Capital Efficiency
Maintain our capital-light model to accelerate
growth and enhance returns through disciplined
land sourcing, an optimized capital structure, and
strong off-plan pre-sales.
OUR STRATEGY continued
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 25
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
Strategic Geographic Diversification
Dar Global operates across priority global markets, balancing
regional demand cycles while continuously accessing
international HNWI/UHNWI capital flows.
DIFFERENTIATED BUSINESS MODEL DESIGNED FOR SUSTAINABLE GROWTH
Brand-Led Desirability
Partnerships with iconic luxury and hospitality brands create strong
differentiation, elevate positioning, and sustain demand through
market volatility.
Diversified Product Offering
A broad portfolio spanning luxury residences and hospitality-led
experiences—including apartments, villas, retail units, plots, and
serviced villas with beach, golf, cliff and city views—serves distinct
buyer segments and broadens demand.
Agile, Governed Delivery
A flexible delivery model powered by a curated contractor
ecosystem and reinforced by rigorous governance protects
quality and timelines, enabling scale without heavy
operational overhead.
Elite Global Distribution Network
A high-performance international sales and distribution platform
across leading brokers, wealth channels, and relationship networks
connects our projects with the world’s most resilient investors.
Capital-Light Financial Engine
A disciplined capital-light model preserves liquidity and limits
balance-sheet exposure. Through capital-efficient structures,
including JDAs and joint ventures with landowners, we reduce
upfront land costs and support scalable, resilient growth across
economic cycles.
OUR BUSINESS MODEL
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 26
Global wealth creation demonstrated continued resilience throughout 2024,
underpinning robust demand in luxury residential markets worldwide. According
to Knight Frank's Wealth Sizing Model, the global population of high-net-worth
individuals—defined as those with net worth exceeding US$10 million—expanded
by 4.4% during the year to surpass 2.3 million people. The ultra-high-net-worth
segment, comprising individuals with net worth of US$100 million or more, grew
by 4.2% and exceeded 100,000 individuals for the first time. Both cohorts are
projected to continue expanding, with HNWIs forecast to exceed 2.5 million and
UHNWIs expected to surpass 110,000 by 2028.
Real estate has clearly emerged as the investment of choice among high-net-
worth and ultra-high-net-worth individuals, driven by both institutional capital
flows and generational preferences. The Knight Frank 150 survey of family offices
managing combined assets exceeding US$84 billion reveals that direct real estate
represents 22.5% of the typical family office portfolio—the third-largest allocation
after equities and cash.
This institutional preference is reinforced by next-generation wealth holders.
Knight Frank's Next Generation research identifies real estate as the most
desired luxury asset class among affluent younger cohorts. Among family offices
engaging the next generation in investment decisions—58% of those surveyed—
millennials demonstrate even stronger commitment to property ownership, with
63% prioritizing sustainable real estate investments. This generational continuity
ensures sustained structural demand for premium residential products.
Tax regimes have emerged as a critical driver reshaping global wealth mobility and investment patterns, creating
significant structural advantages for Gulf markets. Governments worldwide are implementing increasingly activist tax
policies to address fiscal deficits, fundamentally altering the competitive landscape for international capital.
Against this backdrop of rising global tax burdens, the Gulf region's tax-neutral environment has become a decisive
competitive advantage. The UAE and Saudi Arabia offer zero personal income tax and no capital gains tax on real estate,
creating an unparalleled value proposition for mobile global wealth. This framework stands in stark contrast to the
increasingly complex and punitive tax environments emerging across Europe, Asia-Pacific, and high-tax US states.
The impact is evident in capital flows. Dubai has experienced exceptional growth in UHNWI populations and super-prime
residential transaction volumes, benefiting from both tax advantages and world-class infrastructure. Saudi Arabia's
market momentum in Riyadh and Jeddah is accelerating as the Kingdom implements transformative economic reforms
alongside its favorable tax structure.
Global Wealth Dynamics and Prime Residential Demand
Real Estate as the Preferred Asset Class for Wealthy Investors
Generational Commitment to Real Estate
Tax-Driven Wealth Mobility: The Middle East Advantage
Africa 18,629 19,496 22,964 1,464
US$100m+US$10m+
% change
2024-2028*
2024202820242023
17.8%
Asia 814,133 854,465 928,722 33,0848.7%
Europe 338,366 343,176 359,624 16,2684.8%
Latin America 56,205 57,036 62,571 2,4139.7%
Middle East 46,199 47,437 50,813 4,6967.1%
North America 922,247 970,401 1,026,684 44,2185.8%
Australasia
*Knight Frank the residence report 2025/26
47,521 49,367 51,983 1,9185.3%
World 2,243,300 2,341,378 2,503,361 104,0606.9%
Dar Global remains focused on high-net-worth and ultra-high-
net-worth individuals who recognize luxury real estate as
both a wealth preservation vehicle and a strategic response
to global economic uncertainty. Our platform is purpose-
built to capitalize on the opportunities around the globe for
international capital seeking sustainable returns, tax efficiency,
security, and premium lifestyle offerings. As these trends
accelerate, we are well-positioned to deliver sustained growth
and shareholder value.
MARKET OVERVIEW
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 27
Foreign Ownership Liberalization in Saudi Arabia
Saudi Arabia’s strategic liberalization of foreign ownership regulations represents a
fundamental shift that significantly enhances the Gulf’s competitive position. The Kingdom
has progressively opened its real estate market to international buyers, allowing foreigners
to acquire property in designated areas and, in certain cases, obtain residency permits linked
to property ownership. These reforms align with Vision 2030 objectives to diversify the
economy and attract foreign investment.
For high-net-worth and ultra-high-net-worth individuals seeking tax-efficient jurisdictions
with secure property rights, Saudi Arabia now offers a compelling combination: zero taxation
on personal income and capital gains, alongside newly accessible ownership structures in
one of the region’s largest and most dynamic economies. This policy evolution positions
Saudi Arabia to capture meaningful market share from traditional wealth centers facing
deteriorating tax competitiveness.
Branded residences have transitioned from niche offerings to mainstream products across
global prime markets, with particularly strong momentum in the Gulf region. The sector has
expanded from 169 schemes in 2011 to 611 today, and is forecast to reach 1,019 by 2030,
with unit volumes projected to exceed 162,000.
The geographical composition of the pipeline underscores the Gulf’s ascendancy.
The Middle East demonstrates the sharpest expansion globally, rising from 15.9% of existing
schemes to 26.7% of the development pipeline, reflecting rapid activity across the UAE
and Saudi Arabia. This growth significantly outpaces North America, where market share
is moderating from 32.7% to 26.2%.
Branded residences command pricing premiums often exceeding 20% compared to
non-branded luxury alternatives, supported by hotel-grade services including concierge,
valet, housekeeping and in-room dining, alongside the assurance of globally recognized
brands. From a development perspective, these premiums materially enhance project
feasibility in an environment of elevated land and construction costs.
The Rise of Branded Residences
Source: Knight Frank the residence report 2025/26
MARKET OVERVIEW continued
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 28
SAUDI
ARABIA
Saudi Arabia's real estate sector has been revolutionized by the landmark
Foreign Real Estate Ownership Law of January 2026, granting international
investors full freehold ownership designated zones in Riyadh and Jeddah for
the first time. The Kingdom offers zero taxation on capital gains, wealth, and
inheritance, while investments of SAR 4 million or above unlock residency
eligibility. With Vision 2030 driving unprecedented urban development,
hosting FIFA World Cup 2034 and Expo 2030, and transformative
infrastructure including King Salman International Airport's expansion
to 185 million passengers, Saudi Arabia is emerging as a premier global
investment destination with exceptional growth potential.
THE NEXT FRONTIER FOR REAL ESTATE INVESTMENT
PORTFOLIO OVERVIEW
Why Saudi Arabia?
• Historic Foreign Ownership Reform - For the first time, international investors can acquire full freehold
ownership in designated areas of Riyadh and Jeddah, unlocking one of the Middle East’s most dynamic
markets previously inaccessible to global capital.
• Exceptional Tax Benefits - Zero taxation on capital gains, wealth, and inheritance for real estate assets
directly enhances investment returns and long-term wealth preservation.
• Residency Through Investment - Qualifying property investments of SAR 4 million or above provide
residency eligibility, offering international investors a comprehensive value proposition.
• Strong Economic Fundamentals - Sustained non-oil GDP expansion, substantial fiscal reserves, and the
Saudi Riyal’s steadfast peg to the US Dollar provide economic stability and exchange rate certainty valued
by international investors.
• Vision 2030 Transformation - Unprecedented national development program unleashing entirely new
economic cities and infrastructure investment at a globally rare scale, driving sustained real estate
demand.
• Global Event Catalysts - Hosting FIFA World Cup 2034, Expo 2030, Formula 1, and Asian Games generates
powerful, sustained demand across hospitality, entertainment, retail, and mixed-use property sectors.
• World-Class Infrastructure Development - King Salman International Airport expansion to 185 million
passengers and Riyadh Air’s emergence as a world-class carrier dramatically improve international
connectivity and accessibility.
• Safety & Stability - Ranked as one of the world’s safest nations and the highest safety ranking among G20
countries, providing the stable environment essential for international capital commitment.
• First-Mover Advantage - Entry at the market’s pivotal inflection point as international capital discovers
this previously inaccessible opportunity with exceptional growth trajectory.
Anticipating the transformational impact of foreign ownership reform, Dar Global has moved decisively
to establish a commanding presence in the Kingdom at this pivotal inflection point. During 2025, the
company announced its plan for Saudi Arabian projects valued at ~USD 9.8 billion, demonstrating
conviction in the market’s long-term trajectory as barriers to international investment fall
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 29
PORTFOLIO OVERVIEW continued
In the first half of 2025, the residential sector led market activity, accounting for 63% of total real estate transaction value. Residential transactions rose by 7% year-on-year to nearly 93,700 deals, with total value
reaching SAR 77.5 billion (up 4% from H1 2024). This momentum is underpinned by increased mortgage activity, government support, and new housing stock in major cities. Riyadh’s apartment prices rose 10.6%
year-on-year in Q2 2025, while villa prices increased by 8.2%. Jeddah’s residential market saw transaction volumes rise by 19% and value by 28%, with northern districts leading price growth. In Q2 2025, the average
apartment price in Jeddah reflecting a 2.7% year-on-year increase.
Looking ahead, Riyadh and Jeddah remain the Kingdom’s most dynamic markets, supported by ongoing Vision 2030 initiatives and major infrastructure investment. The implementation of the foreign ownership law in
January 2026 is set to further energise the market by boosting liquidity, attracting foreign capital, and enhancing development quality.
Source: Knight Frank and CBRE - Saudi Arabia Estate Market Review
Market Overview: Riyadh and Jeddah
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 30
PORTFOLIO OVERVIEW continued
OUR PROJECTS
IN SAUDI ARABIA
Status
Under construction
Scheduled completion
Starting 2030
RAYANA
Launched
Q1 2026
No. of units
131
Rayana is Dar Global’s premium residential enclave within Wadi Safar, designed around hospitality,
golf, and a limited collection of private mansions. The development comprises both Trump
branded and non branded ultra luxury mansions. Each residence will be delivered with a complete
architectural shell, enabling owners to customize all internal spaces according to their individual
lifestyle and specifications. The masterplan includes the Trump Championship Golf Course, Trump
International Hotel, and Trump International Golf Club. Rayana is located near Diriyah and the royal
district, surrounded by established golf, equestrian, and wellness amenities.
(Rayana launched in January 2026)
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 31
PORTFOLIO OVERVIEW continued
Status
Under construction
Scheduled completion
Q4 2027
NEPTUNE, INTERIORS BY
MOUAWAD
Launched
Q4 2024
No. of units
200
Neptune Villas offers a refined integration of high end design and residential
living in North Riyadh. This exclusive villa collection is developed in collaboration
with Mouawad, the internationally recognized luxury jewellery house known for
its longstanding heritage and exceptional craftsmanship. The project reflects
Mouawad’s distinguished design ethos, bringing a sophisticated and timeless
aesthetic to each residence.
OUR PROJECTS
IN SAUDI ARABIA
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 32
PORTFOLIO OVERVIEW continued
OUR PROJECTS
IN SAUDI ARABIA
Status
Under construction
Scheduled completion
2029
AMAYA, JEDDAH
Launched
Q1 2026
No. of Plots
578
Amaya is one of the latest major development opportunities in central Jeddah, offering approximately
1,000,000 sqm of construction-ready, flat land with strong access to key districts via King Abdulaziz Road.
The project is anchored by Al-Amal Avenue, connecting the Historic Old City with King Abdulaziz Road.
The masterplan features shaded streets, landscaping, and walkable green environments, with flexible plots
suitable for residential, commercial, or mixed-use development. With its prime location, ready infrastructure,
and proximity to major citywide upgrades, Amaya presents a strong investment opportunity with long-term
value potential
(Amaya launched in January 2026)
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 33
PORTFOLIO OVERVIEW continued
OUR PROJECTS
IN SAUDI ARABIA
Trump Tower Jeddah is our first project in Jeddah and
second in Saudi Arabia, located along the iconic Jeddah
Corniche. With 561 exclusive residences, the tower
reflects the excellence and sophistication of the Trump
brand, offering contemporary design, high-end finishes,
and world-class amenities. Its prime waterfront location
and thoughtfully designed living spaces set a new
benchmark for luxury living in the city.
Status
Under construction
Scheduled completion
Q4 2029
TRUMP TOWER, JEDDAH
Launched
Q4 2024
No. of units
561
Status
Under construction
Scheduled completion
2030
TRUMP PLAZA, JEDDAH
Launched
Q1 2026
No. of units
266
Trump Plaza Jeddah is strategically located
on King Abdulaziz Road within the Amaya
master development. The development features
fully furnished, Trump-branded residences,
designed and delivered to international
standards of quality, finish, and service.
(Trump Plaza launched in January 2026)
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 34
DUBAI, UAE
Dubai stands as a global leader in branded residences with one of the world's
highest concentrations of luxury residential projects. With 5.3% GDP growth
forecast for 2025, record tourism of 15.7 million visitors, and over 9,800
millionaires relocating to the UAE this year, the emirate continues its upward
trajectory. The D33 vision and Dubai 2040 Urban Master Plan target population
growth from 3.9 million today to 7.8 million by 2040, while the city positions
itself to become one of the world's top four financial hubs, making it the premier
destination for discerning global investors.
WORLD’S LUXURY HOMES HOTSPOT- DUBAI, UAE
Why Dubai?
• Tax-Advantaged Safe Haven - Benefit from zero personal income tax and no recurring
property taxes, with only one-time transaction fees on real estate acquisitions, creating
a highly tax-advantaged environment for wealth preservation.
• Strong Investment Performance - Branded residences offer long-term value appreciation
backed by the assurance of world-class developers and hospitality brands.
• 100% Freehold Ownership - Complete ownership rights for foreign investors in designated
freehold areas, providing full control and security over your property investment.
• Robust Economic Fundamentals - Sustained GDP growth, record tourism arrivals, and
continuous population expansion driven by the Dubai 2040 Urban Master Plan and D33
agenda create a solid foundation for real estate appreciation.
• Golden Visa Program - Access to long-term residency visas (5-10 years) for property
investors, offering stability and the freedom to live, work, and study in the UAE.
• High-Net-Worth Migration Hub - Join thousands of millionaires choosing Dubai as their new
home, creating a sophisticated community of global citizens and entrepreneurs.
• Emerging Global Financial Hub - Dubai’s strategic vision to become one of the world’s top four
financial centers will attract increased global talent, trade, and capital flows, further driving
demand for premium real estate.
• Infrastructure & Housing Demand - Ambitious government plans to more than double the
population are fueling unprecedented investment in infrastructure and creating sustained
demand for quality residential developments.
PORTFOLIO OVERVIEW continued
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 35
Branded Residential - Market Overview
Dubai’s branded residences market recorded exceptional momentum in the first three quarters
of 2025, achieving a 26% year-on-year surge in transaction volumes with over 7,700 branded
units sold. Total transaction value exceeded AED 50 billion (US$13.6 billion), marking an
impressive 51% year-over-year growth.
Branded projects have increased their market share from 3% of volume and 7% of value in
2019 to 5% and 14% in 9M25. By 2030, branded homes will represent 8% of Dubai’s total new
residential pipeline. Over 80% of transactions occur in the off-plan segment, reflecting strong
investor appetite for early access to flagship developments.
W RESIDENCES, DOWNTOWN, DUBAI
PORTFOLIO OVERVIEW continued
FIGURE 2: Dubai, Branded Residences, YoY Change in Sales Volume & Value
230%
180%
130%
80%
30%
-20%
9M2021 9M2022 9M2023 9M2024 9M2025
26%
YoY increase in
transaction volume
(9M25)
51%
YoY increase in
transaction volume
(9M25)
64%
Average branded
price premium
Source: CBRE-Branded-Residences Market-Review-2025
Volume Value
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 36
OUR PROJECTS
IN DUBAI
PORTFOLIO OVERVIEW continued
Status
Under construction
Scheduled completion
Q4 2031
TRUMP INTERNATIONAL
HOTEL & TOWER, DUBAI
Launched
Q2 2025
No. of units
574*
D-Villas is a residential development located within Jumeirah
Golf Estates, one of Dubai’s established master communities.
The project is situated adjacent to the community’s landscaped
green areas and in proximity to its two championship golf
courses. Residents have access to the wider Jumeirah Golf
Estates amenities, including leisure, dining, and fitness
facilities, subject to community regulations. The location offers
convenient connectivity to major city landmarks through key
road networks, providing access to Dubai’s primary business,
retail, and lifestyle destinations
Status
Under construction
Scheduled completion
Q2 2028
D-VILLAS AT JUMEIRAH GOLF ESTATES
Launched
Q1 2025
No. of units
210
Trump International Hotel & Tower Dubai is the first Trump-
branded mixed-use development in the Dubai. The project
comprises a five-star hotel, private residential units, and an
exclusive members’ club within a single integrated address.
Each component has been designed to support high-quality
living, leisure, and business requirements. Located in a prime
position with direct connectivity to Downtown Dubai, the
development offers uninterrupted views from every unit,
including vistas of the sea and the Burj Khalifa.
*Includes Hotel keys as well
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 37
OUR PROJECTS
IN DUBAI
PORTFOLIO OVERVIEW continued
The Urban Oasis Tower is a 34-storey residential
development located on the Dubai Canal, featuring
bespoke apartments with interiors designed in
collaboration with Missoni, the Italian fashion designer.
This project was completed in 2024. Urban Oasis
represents Dar Global’s first completed project,
underlining its ability to successfully execute large
projects.
Status
Completed
Scheduled completion
Completed
URBAN OASIS TOWER BY MISSONI
Launched
Q3 2021
No. of units
467
Da Vinci Tower is a residential development
featuring interior design by Pagani. The tower
incorporates a distinctive façade defined by
geometric architectural elements intended to
create a visually dynamic exterior. The development
is designed to present a modern residential
environment with a focus on high end finishes and
contemporary design aesthetic.
Status
Completed
Scheduled completion
Completed
DA VINCI TOWER, INTERIORS BY PAGANI
Launched
Q1 2022
No. of units
85
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 38
OUR PROJECTS
IN DUBAI
PORTFOLIO OVERVIEW continued
Status
Under construction
Scheduled completion
Q2 2027
W RESIDENCES
Launched
Q1 2022
No. of units
383
DG1 is Dar Global’s first ‘own-brand’ development
located in Business Bay, Dubai. The project offers direct
connectivity to key city landmarks, including the Burj
Khalifa, The Dubai Mall, and Dubai Opera. The building
features a contemporary architectural design with
an emphasis on functional planning and aesthetic
detailing. The development forms part of a well-
established mixed-use district with access to retail,
dining, and leisure facilities.
Status
Under construction
Scheduled completion
Q2 2027
DG1
Launched
Q1 2023
No. of units
249
W Residences Dubai – Downtown is a branded
residential development associated with the W Hotels
portfolio. The project is in Downtown Dubai, near major
landmarks including the Burj Khalifa, The Dubai Mall,
and the Dubai Fountain. The development is positioned
to provide residents with immediate access to the
surrounding amenities and transport networks within
the Downtown area.
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 39
Status
Under construction
Scheduled completion
Q4 2028
THE ASTERA, INTERIORS BY
ASTON MARTIN
Launched
Q2 2024
No. of units
280
The Astera, Interiors By Aston Martin is a stunning beachfront residence on Al Marjan Island, Ras Al Khaimah,
where Aston Martin’s signature elegance meets modern coastal living. Offering luxurious one to three-bedroom
apartments and exclusive three-bedroom beach villas, each home is designed with breathtaking Gulf views and
world-class amenities. With direct beach access, an infinity pool, and a private cinema, The Astera promises a
lifestyle of sophistication and serenity in one of the UAE’s most exciting waterfront destinations.
PORTFOLIO OVERVIEW continued
RAK, UAE
The branded residence market in RAK has emerged as one of the UAE's fastest growing segments, fuelled
by recent economic growth and supported by a clear tourism strategy that leverages the Emirate’s unique
positioning through its natural assets, including mountains and beaches, and as a regional adventure
tourism destination. The key catalyst for this change was the announcement of Wynn Al Marjan resort,
which has effectively anchored the sector with a major long term demand driver.
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 40
Oman combines a stable economy, world-class safety rankings, and high living
standards with strategic connectivity to major international markets and a vibrant
multicultural community of over 100 nationalities. Driven by Oman Vision 2040,
the government is accelerating diversification and transformative infrastructure
projects, positioning the Sultanate as a major regional hub for tourism and
investment over the next 15 years. With breathtaking natural beauty from pristine
beaches and dramatic mountains to tranquil deserts, Oman offers an exceptional
lifestyle blending modern convenience with extraordinary landscapes.
OMAN
MARKET WITH STABILITY, GROWTH, AND OPPORTUNITY
Market overview
Oman’s residential real estate market is
projected to reach USD 7.42 billion by 2030, with
expectations of about 9% compound annual
growth as new projects and foreign investment
expand. Broader real-estate-related activity
(including construction and development) is also
forecast to increase steadily, with residential
remaining the dominant segment. Oman’s real
estate price index rose around 10.8% year on year
in Q2 2025, with residential prices up about 11.8%
and villas up roughly 17–18%. Earlier in the year,
residential prices were already up more than 7%
year on year in Q1 2025, led by higher land values
The luxury real estate segment is also gaining
momentum, with high-end developments
projected to grow at over 6% annually. With
investor-friendly regulations, expanding
freehold zones, and a strong focus on
sustainability, Oman is quickly emerging as
a prime real estate destination. Whether for
investment or personal living, the market
offers a unique mix of affordable, high-quality
properties and luxury waterfront developments,
making it an attractive choice for buyers looking
for long-term value and a vibrant lifestyle.
Source: Savills Oman Property Market Q3 2025
PORTFOLIO OVERVIEW continued
Why Oman?
• Oman Vision 2040 Transformation - Government-led diversification across tourism, logistics,
real estate, and manufacturing positioning Oman as a major regional hub with transformative
infrastructure and world-class urban developments over the next 15 years.
• Safety & Stability - One of the safest environments globally with a stable economy and high living
standards, providing the secure foundation essential for long-term investment and family living.
• Strategic Connectivity - Prime geographic location ensuring convenient access to major international
markets, ideal for investors seeking regional exposure and connectivity.
• Multicultural Environment - Vibrant, cosmopolitan community representing over 100 nationalities,
creating an inclusive and dynamic living experience for international residents.
• Exceptional Natural Beauty - Breathtaking landscapes from pristine beaches and dramatic mountains
to tranquil deserts and lush wadis, offering a lifestyle that seamlessly blends modern convenience with
extraordinary surroundings.
• Emerging Regional Hub - Positioned to become a major center for tourism and investment, creating
sustained demand across hospitality, retail, and residential property sectors.
• Quality of Life - High living standards combined with natural beauty and modern infrastructure create
an unparalleled lifestyle proposition for discerning buyers and families.
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 41
PORTFOLIO OVERVIEW continued
OUR PROJECTS
IN OMAN
Status
Under construction
Scheduled completion
Phase I - 2027-28
Phase II - 2029-30
Entire Masterplan by 2034
AIDA
Launched
Q1 2023
No. of units
1604*
AIDA is a breathtaking luxury development set on the dramatic cliffs of Muscat, offering an unparalleled blend of natural beauty
and refined living. Spanning 4.3 million square meters, this visionary project will be developed over 8 to 10 years and launched in 10
phases and this exclusive community will be home to luxurious residences, a world-class Trump golf course, and premium hospitality
experiences. Designed to harmonise with Oman’s stunning landscapes, AIDA seamlessly merges modern elegance with the serenity of
its coastal surroundings. With thoughtfully crafted villas and apartments boasting panoramic views, along with exceptional amenities,
AIDA offers a one-of-a-kind lifestyle where luxury meets nature’s masterpiece.
*Launched units only
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 42
PORTFOLIO OVERVIEW continued
OUR PROJECTS
IN OMAN
TRUMP RESIDENCES
TRUMP INTERNATIONAL HOTEL, OMAN
MARRIOTT RESIDENCES
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 43
PORTFOLIO OVERVIEW continued
OUR PROJECTS
IN OMAN
SUNRISE HAVEN COASTAL INVESTMENT VILLAS FAIRWAY VILLASTHE GREAT ESCAPE 1&2
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 44
Qatar has successfully transitioned from an infrastructure-driven economy
to a diversified, service-led growth model following FIFA World Cup 2022,
demonstrating resilience and clear policy focus on diversification and
sustainability. The Third National Development Strategy (NDS3) is accelerating
private sector participation and unlocking new growth clusters in logistics,
tourism, and digital services, while population growth and new long-term residency
schemes foster residential stability.
QATAR
DRIVING LONG-TERM INVESTMENT APPEAL
Market overview
Qatar’s residential market recorded a notable annual increase in the value and volume of residential
transactions in Q3 2025, reflecting buyers’ confidence and strong investment appetite across
key districts, demonstrating resilience in the face of regional geopolitical tensions. Residential
transactions were up 57% on Q3 2024 (1,682 sales in Q3 2025 v 1,070 in Q3 2024). Average villa
prices are 2% lower than this time last year and currently stand at QAR 6,614 psm, while average
apartment prices increased 3.4% to QAR 13,074 psm, between Q3 2024 and Q3 2025. This expansion
builds on the strong momentum seen earlier in 2025, where Q2 2025 recorded 1,799 sales, up
109% on Q2 2024. This growth followed a subdued period during 2023– 2024 when post-World Cup
adjustments and tightening liquidity temporarily weighed on sentiment.
The total value of sales in Q3 reached approximately QAR 5.9bn, reflecting a 43% annual increase and
takes the total for the January to September period to QAR 197.4bn.
The apartment market demonstrates there is a clear premium for prime waterfront and amenity-led
schemes. Lusail’s The Waterfront at QAR 15,096 psm and Viva Bahriya The Pearl Island at QAR 14,729
psm sit at the top of the pricing league table, closely followed by Qanat Quartier (QAR 14,302 psm)
and Marina District (QAR 13,299 psm). Porto Arabia, at QAR 12,045 psm, remains the most affordable
prime waterfront address.
Source: Knight Frank - Qatar Real Estate Market Review
PORTFOLIO OVERVIEW continued
Why Qatar?
• Exceptional Residency Programs - $1 million real estate investment grants permanent residency with
exclusive benefits including free healthcare, education, and ability to invest in select commercial
activities; $200,000+ investment qualifies for five-year renewable residency permits.
• Tax-Free Environment - Zero taxation on income and property gains combined with political stability
creates an optimal wealth preservation and growth environment.
• Economic Diversification - Successful transition to a service-led growth model with Third National
Development Strategy (NDS3) unlocking new clusters in logistics, tourism, and digital services beyond
traditional energy sectors.
• Expanding Freehold Zones - Growing designated areas for international ownership providing increased
access and investment opportunities for foreign buyers.
• Private Sector Growth - Government acceleration of private sector participation creating new investment
opportunities and economic dynamism.
• High Quality of Life - World-class infrastructure, safety, healthcare, and education standards combined
with modern urban landscapes create exceptional living conditions.
• Future-Ready Destination - Clear policy agenda and robust macroeconomic fundamentals positioning
Qatar as a stable, thriving market for long-term investment and residency.
Note – QAR to USD conversion: 0.27:1
STRATEGIC REPORT
GOVERNANCE REPORT
FINANCIAL STATEMENTS
DAR GLOBAL PLC ANNUAL REPORT & ACCOUNTS 2025 45
OUR PROJECTS
IN QATAR
PORTFOLIO OVERVIEW continued
Status
Under construction
Scheduled completion
Q4 2027
LES VAGUES BY ELIE SAAB
AND LUMAIA
Launched
Q4 2022
No. of units
424
Les Vagues is a residential development comprising five towers located on Qetaifan Island North in Lusail. The
project features 424 apartments and retail units across the five towers designed to offer uninterrupted coastal
views. As the first residential development in Qatar with interiors by Elie Saab and Lumaia, it incorporates the
designer’s signature aesthetic into a contemporary coastal setting. The development includes one, two, and
three-bedroom apartments supported by a range of amenities designed to enhance resident comfort and
convenience. Les Vagues provides a premium residential environment that combines high-end design with
direct proximity to the shoreline