Dar Al Arkan wraps up SAR 4.5B Jeddah land acquisition with 80% stake

Dar Al Arkan buys land plot in Jeddah with Kenzi Al Arabiya and group of investors

Dar Al Arkan Real Estate Development Co. said it holds an 80% stake in the Jeddah land plot purchased for SAR 4.46 billion through a consortium with Kenzi Al Arabiya Co. and a group of investors.

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In a statement to Tadawul, the developer said all procedures for registration and transfer of ownership are final. The development work will commence after necessary regulatory approvals and licenses.

The transaction will reflect positively on 2025 and subsequent years, Dar Al Arkan said, adding that any material developments will be disclosed.

The company highlighted that this deal represents the largest real estate transaction in Jeddah’s history. Covering one million square meters, the land is situated in a prime strategic location, bordered by four major roads, including King Abdulaziz Road. It is opposite the Formula 1 venue and in front of the Red Sea Mall.

In February, Dar Al Arkan announced the SAR 4.46 billion real estate deal in Jeddah, inclusive of tax and commission, through the consortium, Argaam earlier reported.