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RIYADH: The London-listed luxury real estate developer, Dar Global, has increased its gross development value by 67 percent to $12.5 billion, driven by new large-scale projects in ������Ƶ and a move into financial services.

Dar Global, majority-owned by Saudi developer Dar Al-Arkan and listed on the London Stock Exchange, announced it secured a joint development agreement with its parent company and completed major land acquisitions for projects in Riyadh and Jeddah, significantly expanding its footprint in the Kingdom.

In Riyadh, the company acquired part of a major integrated scheme worth $2.8 billion, anchored by a $300 million land purchase, replacing a previously announced deal in March. The decision aimed to deliver greater scale, higher profitability, and lower development risk.

In Jeddah, the firm signed another joint development agreement for a landmark mixed-use project on one of the city’s most prominent sites, with an estimated GDV of $1.95 billion.

Both projects will feature luxury villas, a world-class golf course, and a high-end hotel, tapping into ������Ƶ’s rapid economic transformation and growing demand for premium real estate.

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

“The enhanced financing facility reinforces our balance sheet to fuel growth at scale, and the establishment of a financial services arm in DIFC (Dubai International Financial Center) enhances our ability to structure capital and unlock global opportunities,” he added.

To accelerate these developments, Dar Global expanded its Litmus financing facility from $275 million to $440 million, adding $165 million in liquidity.

The facility, underwritten by Emirates National Bank of Dubai and supported by Abu Dhabi Commercial Bank, First Abu Dhabi Bank, and Zand Bank, is secured through pledged shares and corporate guarantees.

The additional funds will strengthen the company’s balance sheet, speed up project delivery, and support expansion across the Middle East, Europe, and North America.

Dar Global acquired a licensed financial services platform in the Dubai International Financial Center, authorized to provide asset management, investment banking, and advisory services.

Operating as an independent subsidiary, the platform will enable the company to attract institutional and private capital into larger-scale projects and create investment vehicles to channel funds from the GCC and beyond.

Dar Global has positioned itself as a bridge between high-growth markets and international investors, leveraging partnerships with landowners, government bodies, and brands to deliver real estate offerings to global clients.

RIYADH: Bahrain’s real gross domestic product grew by 2.7 percent year on year in the first quarter of 2025, supported by a 2.2 percent increase in non-oil activities, according to official data.

The Ministry of Finance and National Economy revealed in its quarterly report for the first quarter of 2025, steady economic expansion was driven by robust non-oil sector performance and rising foreign investment.

Preliminary data from the Information and eGovernment Authority also showed a 5.3 percent rise in the oil sector. In nominal terms, GDP expanded by 3 percent, with non-oil and oil sectors growing by 2.8 percent and 4.6 percent, respectively. The non-oil division remained the dominant force, contributing 84.8 percent to real GDP.

Bahrain’s economic growth aligns with that of its Gulf Cooperation Council neighbors. In the first quarter, ������Ƶ’s economy grew by 3.4 percent year on year, driven by strong non-oil sector performance. This trend reflects the World Bank’s June projections, which forecast GCC-wide growth to reach 3.2 percent in 2025 and accelerate to 4.5 percent in 2026, following a modest 1.8 percent expansion in 2024.

“Bahrain has continued to make notable progress across several international economic and development benchmarks, reflecting the kingdom’s commitment to economic diversification, global standards, and enhancing its business environment through the adoption and implementation of a number of ambitious strategies and initiatives,” the ministry said in a press release.

The fastest-growing sector was accommodation and food services, which surged by 10.3 percent year on year, followed by financial and insurance activities, the largest GDP contributor, which grew by 7.5 percent. 

Other key sectors also saw positive growth, including construction at 5.4 percent, education at 2.5 percent, and professional and technical services at 2.2 percent. Meanwhile, wholesale and retail trade and real estate grew by 2 percent each, while manufacturing experienced a slight decline of 0.4 percent. 

Foreign direct investment stock also increased, rising by 3.5 percent year-on-year to reach 17.1 billion Bahraini dinars ($45.3 billion), signaling continued international confidence in Bahrain’s economy.

On the consumer price index, the report added: “The headline CPI remained relatively stable, recording a YoY increase of only 0.1 percent during the first quarter of 2025. The relative price stability reflects the government of Bahrain’s proactive efforts to mitigate global supply chain disruptions.”

The Central Bank of Bahrain recorded a 19.2 percent year-on-year growth in the monetary base, reaching 6.1 billion dinars, up from 5.1 billion dinars in the same quarter in 2024.

“This increase coincided with lower interest rates, which encouraged borrowing and investment, thereby supporting economic activity,” the report said.