LET IT RAIN DIAMONDS: DAR GLOBAL AND MOUAWAD HIGH JEWELLERY HOUSE UNVEIL SAR 880 MILLION LANDMARK RESIDENTIAL PROJECT
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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