Dar Global PLC

(Incorporate in England and Wales)

Company Number: 14388348

ISIN: GB00BQXNJY41

LEI: 213800XRFXQ1KEWACW80

 

11 March 2026

 

DAR GLOBAL PLC

('Dar Global', or the 'Company', or the 'Group')

 

Full-Year Results

 

'Record growth with GDV doubling to US$19 billion, landmark project launches, strategic expansion into Saudi Arabia, and strong financial delivery, backed by enhanced capital flexibility'

 

Dar Global, the luxury international real estate developer, today announces its audited full-year-results for the year ended 31 December 2025 ('FY25', the 'year' or the 'period').

 

Highlights

 

·     Portfolio Gross Development Value ('GDV') increased to US$19 billion (31 December 2024: GDV of US$7.5 billion)

 

·    Dar Global received approval from the UK Financial Conduct Authority ('FCA') for admission to the Equity Shares (Commercial Companies) category of the London Stock Exchange ('LSE').  The Company became the first GCC-based company listed under the ESCC category.

 

·    In August 2025, Dar Global secured development rights for an integrated scheme in Riyadh valued at ~US$2.8 billion through partial land acquisitions and a joint development agreement, anchored by a US$300 million land acquisition.

 

·      In September 2025, the Company acquired a prime plot in Jeddah to launch Trump Plaza, the second collaboration in Jeddah with The Trump Organization following the success of Trump Tower.

 

·    The Company announced on 11 August 2025 a landmark joint development agreement for a mixed-use project in Jeddah, on one of the city's most prominent land parcels, with an estimated GDV of approximately ~US$1.95 billion. These are significant parcels of land with the opportunity to develop luxury villas, a world-class golf course and a luxury hotel.

 

·     The Company has awarded the main construction contracts for Trump Tower Jeddah; The Astera, Interiors by Aston Martin; Marea by Missoni (Blocks C and D); Great Escape Apartments; and Phase 1 of the Aida development in Oman, comprising 91 villas and 60 townhouses.

 

·     Dar Global extended its Litmus Facility by an additional US$165 million, bringing the total limit under the Litmus Facility to US$440 million further enhancing liquidity and supporting acquisition / expansion across key international markets.

 

·      As announced on 11 August 2025, Dar Global intends to enter the financial services sector in the Dubai International Finance Centre ('DIFC'), enabling it to offer asset management, investment banking, and advisory services through an independently governed subsidiary. This strategic move will open new revenue streams, attract capital from the GCC and beyond, support larger-scale, capital-efficient projects, and enable entry into new geographies.

 

·     On 18 November 2025, Dar Global and The Trump Organization announced Trump International Hotel Maldives, a tokenised hotel development project.

 

 

Commenting on the full-year results, Ziad El Chaar, Chief Executive Officer of Dar Global, said: "2025 marked a defining year for Dar Global as we more than doubled our portfolio GDV to US$19 billion, delivered on our cumulative revenue guidance, and secured our historic LSE reclassification. With strong sales momentum, accelerating project execution, and a strategic foothold in Saudi Arabia ahead of its landmark opening to foreign investors, we remain resilient. Despite the prevailing global uncertainties, we enter 2026 with conviction in our strategy and full confidence in our ability to drive sustainable growth and long-term value creation for our stakeholders."

 

 

FY25 Financial Highlights

·      Revenue for the period was US$538.6 million (FY24: US$240.3 million) with a gross profit of US$189.7 million (FY24: US$87.4 million).

·         EBITDA for the period was US$126.6 million (FY24: US$30.1 million).

·         Profit for the period was US$100.8 million (FY24: US$14.9 million).

·        Gross Development Value ('GDV') of the project portfolio stood at US$19 billion as of 31 December 2025, reflecting an increase from US$7.5 billion as of 31 December 2024. Primarily, driven by the large-scale development projects in Saudi Arabia.

·       Robust demand for newly launched and existing projects with cumulative contracted sales rising to 3,824 units as of 31 December 2025, resulting in total sales value of c. US$3.2 billion (31 December 2024: 2,407 units, total sales value of c. US$1.7 billion).

·         Strong balance sheet and liquidity position with cash balances of US$701.5 million, comprising free cash of c. US$83.4 million and restricted escrow cash of US$618.0 million (including escrow retentions of US$33.5 million).

·          Net asset value of US$584.4 million on 31 December 2025 (US$478.5 million as at 31 December 2024).

·         Total available liquidity of c. US$311.7 million at 31 December 2025 (including undrawn debt facilities), providing a platform to pursue opportunistic growth and expand the current portfolio of assets.

 

Financials Summary:

 

Summary Profit & Loss	FY25	FY24	Change (%)
	Audited	Audited
Revenue	538.6	240.3	+124
Gross profit	189.7	87.4	+117
Gross profit margin	35%	36%
EBITDA*	126.6	30.1	+321
EBITDA margin*	24%	13%
Profit/(Loss) for the period	100.8	14.9	+577
Profit/(Loss) (%)	19%	6%

 

*EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) is a non-GAAP financial metric that is classified as an Alternative Performance Measure (APM) under the ESMA guidelines. EBITDA is used by management to evaluate the Group's underlying operating performance, excluding the impact of non-operational items such as financing costs, tax charges, and depreciation and amortisation related adjustments.

 

 

Summary of Balance Sheet

 

 

Amounts in US$ million	FY25	FY24	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

 

About Dar Global

Dar Global PLC is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second and vacation homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe, including downtown Dubai, Muscat in Oman, London and the Costa del Sol region in the South of Spain.

 

Dar Global was originally established to house and develop the international assets of Dar Al Arkan Real Estate Development PJSC ('DAARE'), a leading real estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,000 residential units with total assets of c. US$11 billion.

 

The Company intends to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after a period of three to five years of operation once the hotels or resorts' revenue streams stabilise. Target markets include Spain, Dubai, Maldives, Athens, Saudi Arabia and London.

 

Dar Global was admitted to the Main Market of the London Stock Exchange on 28 February 2023.

 

Please visit www.DarGlobal.co.uk

 

 

- Ends -

 

For further enquiries, please contact:

 

Dar Global plc

[email protected]

 

Panmure Liberum (Corporate Broker)	Tel: +44 (0) 20 3100 2000
Dru Danford / Jamie Richards   Burson Buchanan (Financial Communications)	Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Simon Compton	[email protected] www.bursonbuchanan.com

 

FY25 Results Presentation

 

The Company's FY25 Results presentation will be available on the Investor Relations section of Dar Global's website (https://darglobal.co.uk/investor/) shortly after 7:00am on 11 March 2026.

 

 

Chairman's Statement

 

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 US$19 billion, expand into new markets, and deliver on the financial commitments we made to shareholders 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 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 FY 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', symbolising 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 US$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

 

 

CEO Statement

 

Live All In: Turning Global Ambition into Measurable Progress

 

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 US$7.5 billion in 2024 to US$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 DaVinci 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 FY24, we communicated a clear market objective: achieving cumulative revenue of US$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 FY25, revenue reached US$538.6 million (FY24: US$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 US$189.7 million with a margin of 35% (FY24: 36%), while EBITDA totalled US$126.6 million (FY24: US$30.1 million), supporting an average EBITDA margin across FY24 and FY25 broadly comparable to FY23. Net profit for the year reached US$100.8 million (FY24: US$14.9 million).

 

 

Our financial position remains robust. Cash and cash equivalents stood at US$701.5 million (including project escrow balances and escrow retention) with undrawn debt facilities of US$228.2 million (FY24: US$424.4 million and US$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 US$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:

 

·      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, recognising that exceptional real estate decisions are built on both data intelligence and emotional resonance.

·     Tokenisation and Digital Ownership Models: Dar Global continues advancing its tokenisation 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 democratise access to premium real estate investment while maintaining appropriate investor protections.

 

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 1,300 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.

 

Outlook and Strategic Priorities

Looking ahead, our priorities remain consistent and focused on sustainable value creation:

 

·      Leverage the Saudi market which opened for 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 US market.

·      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.

 

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

 

 

 

Business Performance and Project Update

 

Dar Global has achieved consistent progress throughout FY25, driving portfolio expansion despite ongoing macroeconomic challenges. The Company has sustained robust growth and strong sales momentum across its projects. Our disciplined approach to investment decisions continues to be a cornerstone of our strategy, positioning Dar Global for sustained long-term success.

 

We are pleased to provide an update on the progress of our development projects for FY25.

 

Dubai, UAE

According to CBRE, 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.

 

 

Our Projects in Dubai

 

Trump Tower - 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.

 

 

Status	Under construction
Launched	Q2 2025
Schedule completion	Q4 2031
No of Units	574*

 

 

*includes Hotel key as well

 

D-Villas at Jumeirah Golf Estate - 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
Launched	Q1 2025
Schedule completion	Q2 2028
No of Units	210

 

Da Vinci Tower by Pagani - 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
Launched	Q1 2022
Schedule completion	Completed
No of Units	85

 

 

W Residences - 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.

 

Status	Under construction
Launched	Q1 2022
Schedule completion	Q2 2027
No of Units	383

 

 

DG1 - 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
Launched	Q1 2023
Schedule completion	Q2 2027
No of Units	249

 

Urban Oasis Tower - 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
Launched	Q3 2021
Schedule completion	Completed
No of Units	467

 

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.

 

The Astera - The Astera 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.

 

Status	Under construction
Launched	Q2 2024
Schedule completion	Q4 2028
No of Units	280

 

 

Saudi Arabia (KSA)

 

Per CBRE- Saudi Arabia Estate Market Review, 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.

 

Our Projects Saudi Arabia

Rayana - 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 customise 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.

 

Status	Under construction
Launched	Q1 2026
Schedule completion	Q4 2030
No of Units	131

  

(Rayana launched in January 2026)

 

Neptune interiors by Mouwad - 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 recognised 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.

 

Status	Under construction
Launched	Q4 2024
Schedule completion	Q4 2027
No of Units	200

 

Amaya - 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.

 

 

Status	Under construction
Launched	Q1 2026
Schedule completion	Q1 2029
No of Plots	578

(Amaya launched in January 2026)

 

Trump Tower, Jeddah - 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
Launched	Q4 2024
Schedule completion	Q4 2029
No of Units	561

 

Trump Plaza, Jeddah - 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.

 

 

Status	Under construction
Launched	Q1 2026
Schedule completion	Q4 2030
No of Units	266

(Trump Plaza launched in January 2026)

 

 

Oman

 

Oman's residential real estate market is projected to reach US$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.

 

Our projects in Oman

AIDA - 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 have 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.

 

 

Status	Under construction
Launched	Q1 2023
Schedule completion	Phase I - 2027-28 Phase II - 2029-30 Entire Masterplan by 2034
No of Units	1604*

 

 

*Launched units only

 

Qatar

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.

 

Our projects in Qatar

 

LES VAGUES BY ELIE SAAB and Lumaia - 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.

Status	Under construction
Launched	Q4 2022
Schedule completion	Q4 2027
No of Units	424

 

Spain

Spain is experiencing a housing boom supported by job growth, wage increases above inflation, population growth and strong foreign buyer activity. At the same time, new construction is increasing but still falls short of demand, so the structural housing deficit persists and continues to push prices up. Transaction volumes are high by historical standards, with around 700,000 home sales per year (~19.7% increase year on year). Demand is broad-based, supported by both domestic buyers and foreign investors. However, supply has not tightened the balance despite rising construction permits and a rebound in new-home approvals, the accumulated housing deficit since 2021 exceeds 500,000 unit. The Spanish residential market continues to show an upward price trend-both in new and existing homes clearly reflecting the persistent tension between demand and supply. According to Tinsa, in the third quarter of 2025, the average value of housing (new and used) increased by 11.7% year on-year and 3.0% quarter-on-quarter in nominal terms.

 

Our projects in Spain

TIERRA VIVA, DESIGN BY AUTOMOBILI LAMBORGHINI - Tierra Viva is Dar Global's first development in continental Europe, launched in June 2023 in collaboration with Automobili Lamborghini. The project comprises an exclusive gated community luxury villas and construction ready plots located in the hills of Benahavís, with elevated views toward Marbella and the Mediterranean Sea. The design of the residences is inspired by Lamborghini's architectural and stylistic principles, incorporating contemporary aesthetics and clean geometric forms. Tierra Viva offers a high-end residential environment in one of Spain's most desirable and established luxury destinations.

 

 

Status	Under construction
Launched	Q2 2023
Schedule completion	Q4 2028
No of Units	53

  

 

MAREA, ITERIORS BY MISSONI - Marea is Dar Global's second development in Spain, unveiled in August 2023 and featuring interior design by Missoni. The project is situated in a prime coastal location and is planned to offer uninterrupted sea views along with convenient access to established golf courses and lifestyle amenities in the surrounding area. Marea is designed to deliver a high‑end residential environment that integrates contemporary luxury with the natural characteristics of its setting.

 

 

Status	Under construction
Launched	Q3 2023
Schedule completion	Q4 2027
No of Units	64

 

MANILVA, TABANO - In September 2022, Dar Global acquired six land plots (4.6 million sqm) in Manilva, Málaga, near the Cádiz border in southern Spain. Located about 45 minutes from Marbella, the site is close to a renowned polo destination and some of the finest beaches on the Costa del Sol. The Tabano project is currently in the early permitting phase, and we are working with the Consultants to develop the concept master plan and infrastructure strategy. Development plans will be finalised once the planning permissions are in place.

 

London, UK

As per CBRE Report on London's Future Driving Growth Across Real Estate, London dominates European cross-regional real estate investment, leading all cities across market cycles from 2022 through H1 2025. International buyers from over 50 countries have completed 62% of all property sales since 2016, with overseas capital representing 69% of office volumes and 65% of retail transactions. Despite below-trend activity due to elevated interest rates, recovery is underway. Overseas investors are returning, large-lot deals are accelerating, and year-on-year volume growth is expected. London's structural advantages English law, strategic time zone, transparent markets, and global connectivity cement its position as Europe's most liquid real estate investment market

 

Our projects in London, UK

 

ALBERT HALL MANSIONS- Albert Hall Mansions Penthouse is located in one of London's most prestigious residential areas, directly facing the Royal Albert Hall. The property forms part of a historic, architecturally notable Victorian-era building known for its distinguished façade and prime position along Kensington. The penthouse benefits from unobstructed views of the Royal Albert Hall and offers an exclusive central London address within close proximity to major cultural, recreational, and institutional landmarks.

 

 

Status	Under construction
Launched	Q2 2024
Schedule completion	Q2 2027
No of Units	1

Oh So Close - Located within the leafy community of West Ealing, this project comprises of two three-storey houses divided into luxury flats.

 

Status	Completed
Launched	Q2 2023
Schedule completion	Completed
No of Units	17

 

The MULLINER- Located at the corner of Old Park Lane and Piccadilly, with direct views over Green Park, No. 149 is among the most distinguished Grade II listed properties on Old Park Lane. The building has undergone a comprehensive redevelopment and has been designed and finished to high contemporary standards while retaining its architectural character.

 

Status	Completed
Launched	Q2 2022
Schedule completion	Completed
No of Units	1

 

Financial Review

 

Expanding Our Global Luxury Portfolio for Sustainable, Long‑Term Growth

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.

 

FY25: Financial Performance

 

Revenue for the year stood at US$538.6 million (FY24: US$240.3 million) and was primarily attributed to construction progress in our projects across UAE, KSA, Oman and Qatar.

 

Gross Profit was US$189.7 million, with a margin of 35% (FY24: US$87.4 million and margin of 36%). EBITDA for the year was US$126.60 million (FY24: US$30.1 million), while Net Profit stood at US$100.8 million (FY24: US$14.9 million).

 

Sales and GDV experienced remarkable growth during the year as the Group continued to launch additional inventory across existing and new projects. The revenues with respect to new sales will be recognised in future periods once the respective projects meet revenue recognition milestones. Gross GDV increased from US$7.5 billion during FY24 to US$19 billion in FY25, driven primarily by the expansion in Kingdom of Saudi Arabia.

 

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 US$701.5 million as of 31 December 2025, a 65% increase from US$424.4 million in the previous year. Net asset value grew to US$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 US$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. US$311.7 million, including unrestricted undrawn debt facilities of c. US$228.2 million and excluding project escrow balances. The Group's escrow balances (including restricted cash) stood at US$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.

 

Summarised Consolidated Statement of Profit or Loss and Other Comprehensive Income

 

Amounts in US$ million	FY25	FY24
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

 

Revenue : Revenue increased by US$298.3 million to US$538.6 million in FY25 (FY24: US$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 margin remained at 35% (FY24: 36%), with the marginal decrease primarily reflecting project mix.

 

Other income: The increase in other income is primarily attributable to the gain recognised 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).

 

Summarised Balance Sheet

 

Amounts in US$ million	FY25	FY24	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

 

Development properties - There was a gross addition of US$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 US$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 recognised during the year.

 

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. The Group remains well-capitalised 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 mobilisations 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 prioritise 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.

 

Cautionary statement regarding forward-looking statements

 

This release may include statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may', 'will' or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this release and include, but are not limited to, statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry.

 

By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the development of the markets and the industry in which the Group operates may differ materially from those described in, or suggested by, any forward-looking statements contained in this release. In addition, even if the development of the markets and the industry in which the Group operates are consistent with the forward-looking statements contained in this release, those developments may not be indicative of developments in subsequent periods. A number of factors could cause developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in law or regulation, changes in its business strategy, political and economic uncertainty. Save as required by the Listing and Disclosure Guidance and Transparency Rules, the Company is under no obligation to update the information contained in this release. Past performance cannot be relied on as a guide to future performance.

 

Going concern statement

 

In 2025, the Group secured additional growth capital of up to US$165 million to support investment in new projects and geographies. The Board, having regard to the Group's internal forecasts and projections for five years, which are based on the current trends in sales and development, and after taking account of the funds currently held, the available facilities including the undrawn facilities of US$228.2 million at year end have concluded that the Company and the Group will be able to operate within the level of its available resources.

 

The Directors have at the time of approving the consolidated financial statements, a reasonable expectation that the Group has adequate resources to continue to be in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.

 

Principal risks and uncertainties at Year End 2025

 

Risk description	Remediation / Mitigation
Strategic and financial risks
1. Property market cycles and interest rates Changes in macroeconomic environment or tightening of financial conditions may lead to falling demand through a reduction in the wealth of our target affluent customer demographic. This could result in reduced sales volumes and affect our ability to deliver profitable growth. Availability of suitable land at appropriate cost is also strongly impacted by property market conditions, incorrect timing of purchases could impact future profitability.	- Critical assessment of target location and underlying demand. - Conservative deployment of capital. - Joint venture agreements for suitable land and partners. - Frequent review of pricing. - Strong relationships with key brokers. - Geographical diversification.
2. Capital availability and solvency Lack of sufficient financing may restrict our ability to respond to changes in the economic environment and take advantage of appropriate land buying and operational opportunities to deliver strategic priorities.	- Disciplined capital management. - Secured funding lines for future opportunities. - Strong and supportive majority shareholder.
3. Political risk Significant political events locally and globally may impact Dar Global's business as customers may be reluctant to make purchases due to uncertainty. Sanctions may cause supply chain disruption, and changes in local laws may increase costs or cause delays to projects.	- Diversification across several jurisdictions, with the majority considered safe havens by wealthy investors. - Conservative capital policy enables management to tolerate lower sales volumes and avoid steep price cuts.
Operational risks
4. Contractor ability to deliver on time with high quality/low defect Failure to achieve excellence in construction, such as late completion of works, design and construction defects could expose the Company to future remediation liabilities, and impact future sales through reputational damage.	- Rigorous contractor due diligence. - Legally binding contractual terms. - Stringent quality assurance through build programme oversight by both Dar Global engineers and independent consultants on multiple sites across several countries.
5. Legal risks: joint venture and branding Differences in interpretation of goals, roles, and responsibilities of each partner may lead to protracted delays in executing and legal recourse, which, in the event of underperformance by one or more parties, a change in control/ financial stability of one of our partners, could result in large losses and reputational damage to Dar Global.	- Extensive due diligence on all partners. - Contractual agreements detailing roles, responsibilities and performance requirements, defined through pre-agreement discussions to effectively address and allocate ownership of risks and potential liabilities between parties. - Effective, frequent communication and updates to all relevant parties throughout the life of each project. - Oversight by both Dar Global engineers and independent consultants
6. Labour standards and health & safety Health and safety, or environmental breaches can impact Dar Global's employees, subcontractors and site visitors, and result in reputational damage, criminal prosecution, civil litigation, increased cost and delays in construction.	- Robust health and safety procedures for all construction sites. - Regular health and safety monitoring, external audits of all sites, and regular management reviews. - Contractual requirements for all subcontractors to abide by high standards of safety
7. Cyber and data risk The Group places significant reliance upon the availability, accuracy, and confidentiality of all of its information systems and data. It could suffer significant financial and reputational damage from corruption, loss or theft of data.	To address the residual risk, the Group: - Has a comprehensive Information Security Programme to complement existing controls, addressing any vulnerabilities and implementing best practices with the support of specialist external third parties. - Deployed multi-factor authentication on key platforms. - Uses cloud-based services reducing centralised risk exposure.
8. Employee relations Increasing competition for skills may mean we are unable to recruit and retain the best people. It could result in a failure to deliver our strategic objectives, a loss of corporate knowledge and competitive advantage.	We have the following measures in place: - Succession planning for key management. - Monitoring attrition rates, attendance and feedback from exit interviews.   In addition, we are enhancing our performance management approach.

 

Responsibility statement of the directors in respect of the annual financial report

 

We confirm that to the best of our knowledge:

 

The financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

 

The strategic report/directors' report includes a fair review of the development and performance of the business and the position of the issuer, and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

 

The Directors' Report, which has been prepared in accordance with the requirements of the Companies Act 2006, has been approved by the Board and signed on its behalf by:

 

David Weinreb

Chairman

10 March 2026

 

 

Dar Global PLC and its subsidiaries

London - United Kingdom

 

Consolidated statement of financial position

(In United States dollar)

 

	Note	December 31, 2025	December 31, 2024
ASSETS
Cash and cash equivalents	5	668,046,169	413,625,405
Trade and unbilled receivables	6	351,751,094	277,338,806
Advances, deposits and other receivables	7	185,395,654	119,774,587
Development properties	8	783,111,658	586,415,420
Escrow retentions	9	33,520,147	10,774,653
Due from related parties	17	6,476,773	1,600,015
Property and equipment	10	25,037,543	21,897,663
Right-of-use assets	11	3,846,885	4,133,177
Deferred tax assets	18	5,430,464	5,860,228
		-----------------	-----------------
TOTAL ASSETS		2,062,616,387	1,441,419,954
		==========	==========
LIABILITIES AND EQUITY
LIABILITIES
Trade and other payables	12	125,608,822	85,015,114
Advances from customers	13	459,486,898	180,027,547
Retention payable	14	19,326,375	9,630,047
Development property liabilities	15	412,141,755	254,747,426
Bank borrowings	16	169,069,969	205,493,025
Due to related parties	17	287,093,049	222,567,717
Employees' end of service benefits		1,750,057	1,117,792
Lease liabilities	11	3,634,491	4,114,862
Deferred tax liabilities	18	126,200	252,935
		-----------------	---------------
TOTAL LIABILITIES		1,478,237,616	962,966,465
		==========	=========
EQUITY
Share capital	19	1,800,216	1,800,216
Share premium	20	88,781,078	88,781,078
Retained earnings		487,866,754	387,488,728
Foreign currency translation reserve		4,656,617	(437,202)
Statutory reserve	2.21	1,229,110	820,669
		----------------	----------------
Equity attributable to owners of the Company		584,333,775	478,453,489
Non-controlling interest	28	44,996	-
		---------------	---------------
TOTAL EQUITY		584,378,771	478,453,489
		-----------------	---------------
TOTAL LIABILITIES AND EQUITY		2,062,616,387	1,441,419,954
		==========	=========

 

The accompanying notes from 1 to 35 form an integral part of these consolidated financial statements.

 

 

These consolidated financial statements were approved by the Board of Directors on 10 March 2026 and signed on its behalf by:

 

 

David Weinreb			Ziad El Chaar
Chairman			Chief Executive Officer