Luxury real-estate developer Dar Global has acquired a 28,800m² plot to develop a mixed-use project in Jeddah, Saudi Arabia.

The new project will be positioned near key lifestyle and entertainment areas in the city, and will include residential units, serviced apartments, retail spaces, and offices.

According to the company, it is expected to have a gross development value (GDV) of $1bn.

The development aligns with Saudi Arabia's Vision 2030, which seeks to enhance the urban landscape through design and architecture.

Dar Global said that the project is expected to become a landmark address for the city and a gateway to Jeddah's future as a global hub for living and investment.

Dar Global CEO Ziad El Chaar said: “As a company whose roots are in Saudi Arabia and now stands at the heart of international luxury development, this acquisition represents more than just the first steps of a new project development.

“Indeed, it reinforces our commitment to the country’s bold future. By bringing together Saudi expertise in design and development with global standards of delivery, we aim to create a landmark destination in the heart of Jeddah.”

In May this year, Dar Global announced a partnership with The Trump Organization to develop the Trump International Golf Club.

This luxury golfing destination will include around 790,000m² of area within the Simaisima development, located 40km north of Doha.

It will feature an 18-hole golf course, a clubhouse, and upscale villas with beach access and golf-course views.