Dar Al Arkan consortium snaps up $2bn Jeddah property in auction
JEDDAH, 27 days ago
Saudi-based Dar Al Arkan Real Estate Development Company has announced that it has acquired a real estate property worth SAR4.46 billion ($1.18 billion) in Jeddah at a major auction in alliance with Kenzi Al Arabiya Company and a group of investors.
The auction, one of the largest real estate auctions held in Saudi Arabia this year, was for Orchid land located in Jeddah spanning one million sq m area, said Dar Al Arkan in its filing to Saudi bourse tadawul.
The consortium acquired the land in the largest real estate auction in Saudi Arabia for the year 2025, marketed by Itqan Real Estate Company.
On the financial impact, Dar Ar Arkan said it is likely to have a positive financial impact on its revenues during the second quarter of fiscal year 2025 and the years thereafter.
The largest developer by market value in Saudi Arabia, Dar Al Arkan's main activity is land development, namely purchasing and developing infrastructure on raw land parcels.
It also master-plans residential projects and commercial schemes in addition to providing construction, maintenance and demolition services as well as restructuring of residential and commercial buildings.-TradeArabia News Service
