Saudi Arabia-headquartered real estate developer Dar Global has announced that it will develop two new projects in Riyadh in collaboration with the US-based Trump Organisation. The firm did not disclose further details about the scope and project timelines. The announcement follows the partnership deal signed in September with Geneva-based jeweller Mouawad to develop a residential project in Riyadh. The estimated $234m development will offer 200 residential villas and will be located in the north of Riyadh, close to the Expo 2030 site. The development is expected to be completed by 2026.  Dar Global has $7.5bn-worth of projects under development in six countries: the UAE, Oman, Qatar, the UK, Spain and Saudi Arabia. In July, Dar Global and the Trump Organisation announced plans to develop the Trump Tower in Jeddah, Saudi Arabia. GlobalData expects the construction industry in Saudi Arabia to expand by 4.6% in real terms in 2024, supported by public and private investment in the development of transportation, energy, tourism and housing projects. GlobalData expects the residential sector to grow by 4.2% in real terms in 2024, before growing at an annual average growth rate of 5.9% in 2025-28, supported by government initiatives to provide affordable housing as part of Riyadh’s aim to increase homeownership from 62% in 2020 to 70% by 2030. (ICE RIYADH)

Fonte notizia: Meed