Dar Global CEO, Ziad Al-Shaar, said that the company aims to employ its network of investors, which extends to about 120 nationalities, to attract more foreign investments to the Saudi real estate market, revealing its success so far in attracting buyers from 57 foreign nationalities to one of its projects in Riyadh and Jeddah.
Al-Shaar explained, in an interview with Asharq Al-Awsat, that the company is preparing to launch 3 new projects in Saudi Arabia in the coming months, including two projects in Diriyah and another in Jeddah, in cooperation with new international brands, at a time when the Kingdom now represents about half of Dar Global’s portfolio.
The expansion plans coincide with the growth of the company's business, as its net profits increased by 149 percent during the first half of 2026, while its revenues increased by 66 percent.
Al-Shaar attributed this performance to strong sales over the past years, in parallel with the progress of construction work, explaining that sales are not reflected in revenues and profits except with the implementation of projects.
He said that the company, which has entered its fifth year, was able, in a short period, to achieve strong sales and accelerate construction, while following a strategy based on geographically diversifying risks.
He pointed out that part of the profits came from a project launched by the company in Riyadh about a year and a half ago in cooperation with “Mawad Jewellery,” in addition to the “Aston Martin” project in Ras Al Khaimah, stressing that the diversification of the portfolio gives the company the ability to compensate for any slowdown in a market through performance in other markets.
Saudi Arabia leads portfolio growth
According to Al-Shaar, the strong entry into Saudi Arabia contributed mainly to doubling the development value of the company’s portfolio, especially after the launch of two large projects in Diriyah and Jeddah.
He explained that the company's project in Wadi Saffar in Diriyah extends over an area of about 3 million square metres, and includes about 500 palaces within a closed residential community, with views of golf courses, green areas and valleys.
Palace prices start from about 15 million riyals ($4 million) and reach 160 million ($42.6 million), making the project targeted to a specific segment.
Al-Shaar said that the project recorded strong sales from Saudi customers despite some weakness in the real estate market in the region, attributing this to the nature and scarcity of the product.
As for Jeddah, he said that the company proposed a project on King Abdulaziz Road that attracted buyers from 58 nationalities, including Saudi Arabia, explaining that 57 foreign nationalities actually invested in it.
He added: “We are no longer just real estate developers, but rather we have become part of attracting foreign investment to the Kingdom,” noting that the company is preparing to launch another project in Jeddah, which in turn targets the international investor.
Reducing implementation risks
As the expansion accelerated, Al-Shaar said that Dar Global worked to reduce implementation risks by increasing its control over the development chain, after noticing the limited number of available contracting companies, and the preoccupation of some of them with major government projects in the Kingdom.
He explained that the group established a contracting company and acquired a company specialized in project management, so that it has internal capabilities that include project management, supervision and cost control, adding: “With significant expansion, and in order to reduce implementation risks, you must keep the development chain in your hand.”
In financing, the company relies on a combination of equity, local and international bank financing, off-plan project sales, as well as partnerships with landowners, developers and investors.
Al-Shaar said that the partnership model helped the company expand its portfolio without the need for large investments in purchasing land, while its listing on the London Stock Exchange and the associated governance and transparency contributed to enhancing partners’ confidence.
He pointed out that the company's equity is close to $500 million, and that it has achieved a return on equity in the range of 25 percent in 2025.
Global brands
Partnerships with international brands constitute a major focus of the company's business model, which has cooperated with names including Trump, Aston Martin, Lamborghini, Fendi, and Versace.
Al-Shaar said that the main value of these partnerships lies in the ability to market projects globally and enhance investor confidence, explaining that launching a project in Jeddah that carries a well-known brand allows quick access to a wide base of international clients.
He added that the cooperation of major brands with a real estate developer gives buyers an additional level of confidence, given the audits that these brands conduct before giving their names to projects.
Costs...and supply chains
Al-Shaar stressed that the real estate sector was affected by the rise in construction costs and disruptions in supply chains, noting that the fluctuation of energy, iron, concrete, and transportation prices makes it difficult for contractors to fix the prices of long-term contracts.
He explained that the company's projects in Saudi Arabia, Oman, and Qatar did not witness major disruptions, while some delays were recorded in Dubai before alternatives were provided for some materials, including securing them through the Saudi city of Jeddah.
He said that the majority of projects are still progressing according to their schedules, except that some major contracting contracts for more complex projects have been postponed from the third quarter to the fourth, and some of them may extend to the first quarter, stressing that the delivery dates agreed upon with customers are still within the established plans.
He revealed the company's readiness to launch a project in Diriyah during October, another in the same region during November, and then a new project in Jeddah during December.
Regarding the possibility of listing in the Saudi financial market, Al-Shaar ruled out the step for now, noting that the parent company is already listed, which may create duplication, but he revealed Dar Global’s intention to offer additional shares on the London Stock Exchange when market conditions become favorable.
The Gulf as an investment system
In his reading of the market, Al-Shaar believes that the current geopolitical developments should not obscure the long-term potential of the Gulf real estate sector. He said: “When I talk to the investor, I do not talk about Riyadh alone, or Dubai, or Ras Al Khaimah, but rather I talk about the Gulf.”
He pointed out that the region is taking a path different from a number of European and Asian markets, which tend to increase taxes or impose additional restrictions on foreign investors, while the Gulf countries are working to facilitate ownership, residency, banking services, and attracting capital.
He pointed out that population growth rates, which range between 2.5 and 3 percent annually in some markets in the region, constitute an important factor in supporting real estate demand, compared to European and Asian markets facing a slowdown or population decline.
He described Saudi legislation related to foreign ownership as a major shift, and said: “We are not talking about opening a small market, but rather about a market in an economy within the G20.”
He added that the Saudi market has a large local demand base before the entry of foreign investors, estimating its size at about $600 billion annually, which gives the sector, according to his vision, a higher degree of stability.
Al-Shaar believes that market openness, population and economic growth, and improved levels of governance and transparency, in addition to major projects such as Expo 2030, constitute factors that support the Kingdom’s long-term attractiveness.
Despite the increasing focus on Saudi Arabia, he stressed that the company's strategy is based on geographical diversification, explaining that the Kingdom represents about 50 percent of Dar Global's portfolio, while the Gulf's share reaches about 80 percent, in addition to large investments in southern Spain.
He added that the company aims to increase its presence in the United Kingdom, especially London, and expand into Spain, in addition to studying opportunities in Greece, which he described as “a promising market, provided that an attractive tax environment is maintained for foreign investors.” He stressed that Saudi Arabia and the Gulf remain, in the company’s view, among the most attractive markets for local and foreign investment in the long term.
The movements of central banks in the gold market varied, with Russia continuing to sell part of its reserves of the precious metal, and Kazakhstan tending to reduce its share in its reserves, in exchange for China and Poland continuing to enhance their holdings. These movements raise questions about the direction of official demand for gold, and whether sales by some countries represent a broader shift in reserve management policies, or are linked to financial needs and circumstances specific to each country.
According to a report published by the Euronews network on Sunday, Russia reduced its gold reserves by about 6.2 tons in September, bringing the quantities it sold since the beginning of the year to about 62 tons. This comes in light of pressure on the Russian budget, with financing needs related to the war in Ukraine and defense spending.
The report quoted Adam Stroniewski, General Manager of the Polish precious metals trading company Minica Skarpova, as saying that Russia sells gold outside the London market, and that part of the quantities are heading to Hong Kong, where the Chinese Central Bank is, according to its estimation, the main buyer. He believed that the nature and destination of these transactions may limit their direct impact on global prices.
Trade data in Hong Kong, according to the report, indicates that about 100 tons of Russian gold arrived in the city between January and July, nearly three times the amount recorded during the same period last year.
Stroniewski does not rule out that Russia will return to buying gold in the future and rebuild its reserves, citing what happened after a previous selling wave in 1998.
Kazakhstan is moving to reduce its gold quota
In a parallel move, Kazakhstan announced its intention to reduce the share of gold to 75 percent of its total reserves by the end of the year, compared to about 78 percent currently. This trend comes after the country was among the largest buyers of gold in the world during the first eight months of 2026.
Stroniewski believes that the step may be temporary, and may be related to the need to cover the budget deficit or reap profits after years of accumulating gold holdings and rising prices. He pointed out that reducing the target share by three percentage points, while distributing sales over a period of time, may limit its impact on the global market.
The Russian and Kazakh steps demonstrate that central banks’ decisions related to gold are not necessarily linked to their price expectations alone, but may also reflect financing needs, budget management, and rebalancing the components of reserves.
China and Poland continue to boost reserves
On the other hand, China continues to buy gold, according to data from the World Gold Council, which showed that the People’s Bank of China added 23 tons to its reserves in September, which is the largest monthly increase since October 2023. Its purchases during the third quarter amounted to 63 tons, while the increase since the beginning of the year reached 103 tons.
The report indicates that the transfer of a portion of Russian gold to Hong Kong, with Chinese demand, may mean that some official sales do not necessarily translate into similar net pressure on the global market, as the impact depends on the entity that buys the quantities sold, the method of implementing transactions, and the volume of gold that actually reaches the traded markets.
As for Poland, which has significantly increased its gold reserves over the past years, it is approaching its goal of 700 tons. But Stroniewski rules out that reaching this level will lead to stopping purchases or starting to sell reserves, noting that gold supports the country’s creditworthiness and helps stabilize the currency.
According to the report, Poland ranks tenth in the world in terms of the size of gold reserves, and reaching 700 tons may be a milestone within a long-term strategy, with no end to purchases.
Do the sales pave the way for a broader shift in the market?
Russia and Kazakhstan's sale of part of their reserves raises questions about the possibility of other central banks moving from buying to selling, especially after the significant rises recorded by gold over the past years. However, the report does not believe that the two countries’ movements alone are sufficient to indicate a general shift in central bank policy, in light of the continued purchasing from China and Poland.
According to World Gold Council data included in the report, gold rose by 25.5 percent during 2024, then rose by 67.4 percent in 2025, before declining by 4.4 percent during the first nine months of 2026, according to prices denominated in US dollars.
Stroniewski said that some investors who bought gold years ago may consider taking profits after significant rises, but he believes that temporary price corrections do not necessarily mean the end of the long-term upward trend.
He added that purchases by central banks and investors who view gold as a safe haven and reserve asset may continue to support prices. But he stressed that achieving reliable returns from investing in gold requires a long time horizon, and does not mean that prices will not decline in the short term.
