LONDON, Sept. 24,
2024 /PRNewswire/ -- Dar Global (LSE: DAR), the
London-Stock Exchange listed international real estate company, has
entered into a landmark partnership with Mouawad, the luxury
jeweler, to launch a unique SAR 880
million (GBP 180 million)
residential project close to World Expo 2030 in the North of
Riyadh. The high-profile
collaboration represents Dar Global's debut in the Saudi market, a
significant milestone in the company's international expansion
strategy. The project also marks Mouawad's planned move into the
luxury residential sector, where it will apply its reputation as a
leader in refined craftsmanship to expand its operations into new
frontiers.
Set for handover in Q4 of 2026, the luxury development of 200
residential villas will become one of Riyadh's most prestigious addresses, bringing
together the expertise of Dar Global, known for its innovative
approach to high-end real estate, and Mouawad's legacy of creative
and artistic mastery.
Owners of residential properties worth 4 million Saudi Riyals
and above are granted eligibility to Real Estate Owner Residency
under the Saudi Premium Residency program. The program, coupled
with co-branded luxury real estate offerings have increased the
Kingdom's appeal to international investors, and further enhance
Riyadh's status as an emerging
global destination for luxury living.
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. 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, commented: "For more than
a century, Mouawad has long been a hallmark of luxury and enduring
elegance. 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."
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SOURCE Dar Global