REG - Dar Global PLC - Full Year Results
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RNS Number : 1301W Dar Global PLC 11 March 2026
Dar Global PLC
(Incorporate in England and Wales)
Company Number: 14388348
ISIN: GB00BQXNJY41
LEI: 213800XRFXQ1KEWACW80
11 March 2026
DAR GLOBAL PLC
('Dar Global', or the 'Company', or the 'Group')
Full-Year Results
'Record growth with GDV doubling to US$19 billion, landmark project launches,
strategic expansion into Saudi Arabia, and strong financial delivery, backed
by enhanced capital flexibility'
Dar Global, the luxury international real estate developer, today announces
its audited full-year-results for the year ended 31 December 2025 ('FY25', the
'year' or the 'period').
Highlights
· Portfolio Gross Development Value ('GDV') increased to US$19
billion (31 December 2024: GDV of US$7.5 billion)
· Dar Global received approval from the UK Financial Conduct Authority
('FCA') for admission to the Equity Shares (Commercial Companies) category of
the London Stock Exchange ('LSE'). The Company became the first GCC-based
company listed under the ESCC category.
· In August 2025, Dar Global secured development rights for an
integrated scheme in Riyadh valued at ~US$2.8 billion through partial land
acquisitions and a joint development agreement, anchored by a US$300 million
land acquisition.
· In September 2025, the Company acquired a prime plot in Jeddah to
launch Trump Plaza, the second collaboration in Jeddah with The Trump
Organization following the success of Trump Tower.
· The Company announced on 11 August 2025 a landmark joint development
agreement for a mixed-use project in Jeddah, on one of the city's most
prominent land parcels, with an estimated GDV of approximately ~US$1.95
billion. These are significant parcels of land with the opportunity to develop
luxury villas, a world-class golf course and a luxury hotel.
· The Company has awarded the main construction contracts for Trump
Tower Jeddah; The Astera, Interiors by Aston Martin; Marea by Missoni (Blocks
C and D); Great Escape Apartments; and Phase 1 of the Aida development in
Oman, comprising 91 villas and 60 townhouses.
· Dar Global extended its Litmus Facility by an additional US$165
million, bringing the total limit under the Litmus Facility to US$440 million
further enhancing liquidity and supporting acquisition / expansion across key
international markets.
· As announced on 11 August 2025, Dar Global intends to enter the
financial services sector in the Dubai International Finance Centre ('DIFC'),
enabling it to offer asset management, investment banking, and advisory
services through an independently governed subsidiary. This strategic move
will open new revenue streams, attract capital from the GCC and beyond,
support larger-scale, capital-efficient projects, and enable entry into new
geographies.
· On 18 November 2025, Dar Global and The Trump Organization
announced Trump International Hotel Maldives, a tokenised hotel development
project.
Commenting on the full-year results, Ziad El Chaar, Chief Executive Officer of
Dar Global, said: "2025 marked a defining year for Dar Global as we more than
doubled our portfolio GDV to US$19 billion, delivered on our cumulative
revenue guidance, and secured our historic LSE reclassification. With strong
sales momentum, accelerating project execution, and a strategic foothold in
Saudi Arabia ahead of its landmark opening to foreign investors, we remain
resilient. Despite the prevailing global uncertainties, we enter 2026 with
conviction in our strategy and full confidence in our ability to drive
sustainable growth and long-term value creation for our stakeholders."
FY25 Financial Highlights
· Revenue for the period was US$538.6 million (FY24: US$240.3
million) with a gross profit of US$189.7 million (FY24: US$87.4 million).
· EBITDA for the period was US$126.6 million (FY24: US$30.1
million).
· Profit for the period was US$100.8 million (FY24: US$14.9
million).
· Gross Development Value ('GDV') of the project portfolio
stood at US$19 billion as of 31 December 2025, reflecting an increase from
US$7.5 billion as of 31 December 2024. Primarily, driven by the large-scale
development projects in Saudi Arabia.
· Robust demand for newly launched and existing projects with
cumulative contracted sales rising to 3,824 units as of 31 December 2025,
resulting in total sales value of c. US$3.2 billion (31 December 2024: 2,407
units, total sales value of c. US$1.7 billion).
· Strong balance sheet and liquidity position with cash
balances of US$701.5 million, comprising free cash of c. US$83.4 million and
restricted escrow cash of US$618.0 million (including escrow retentions of
US$33.5 million).
· Net asset value of US$584.4 million on 31 December 2025
(US$478.5 million as at 31 December 2024).
· Total available liquidity of c. US$311.7 million at 31
December 2025 (including undrawn debt facilities), providing a platform to
pursue opportunistic growth and expand the current portfolio of assets.
Financials Summary:
Summary Profit & Loss FY25 FY24 Change
(%)
Audited Audited
Revenue 538.6 240.3 +124
Gross profit 189.7 87.4 +117
Gross profit margin 35% 36%
EBITDA* 126.6 30.1 +321
EBITDA margin* 24% 13%
Profit/(Loss) for the period 100.8 14.9 +577
Profit/(Loss) (%) 19% 6%
*EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) is a
non-GAAP financial metric that is classified as an Alternative Performance
Measure (APM) under the ESMA guidelines. EBITDA is used by management to
evaluate the Group's underlying operating performance, excluding the impact of
non-operational items such as financing costs, tax charges, and depreciation
and amortisation related adjustments.
Summary of Balance Sheet
Amounts in US$ million FY25 FY24 Change
Cash and cash equivalents 668.0 413.6 254.4
Escrow retentions 33.5 10.8 22.7
Trade and unbilled receivables 351.8 277.3 74.5
Advances, deposits and other receivables 185.4 119.8 65.6
Development properties 783.1 586.4 196.7
Other assets 40.8 33.5 7.3
Total assets 2,062.6 1,441.4 621.2
Trade and other payables 125.6 85.0 40.6
Advance from customers 459.5 180.0 279.5
Bank borrowings 169.1 205.5 -36.4
Due to related parties 287.1 222.6 64.5
Development property liabilities 412.1 254.7 157.4
Other liabilities 24.8 15.1 9.7
Total liabilities 1,478.2 962.9 515.3
Net asset value / Total equity 584.4 478.5 105.9
About Dar Global
Dar Global PLC is a highly differentiated international real estate business.
It focuses predominantly on developing real estate projects comprising second
and vacation homes for internationally mobile customers, in some of the most
desirable locations across the Middle East and Europe, including downtown
Dubai, Muscat in Oman, London and the Costa del Sol region in the South of
Spain.
Dar Global was originally established to house and develop the international
assets of Dar Al Arkan Real Estate Development PJSC ('DAARE'), a leading real
estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock
Exchange since 2007, Dar Al Arkan has delivered over 15,000 residential units
with total assets of c. US$11 billion.
The Company intends to expand its focus to hospitality assets. The aim is to
acquire or build hotels and sell them after a period of three to five years of
operation once the hotels or resorts' revenue streams stabilise. Target
markets include Spain, Dubai, Maldives, Athens, Saudi Arabia and London.
Dar Global was admitted to the Main Market of the London Stock Exchange on 28
February 2023.
Please visit www.DarGlobal.co.uk (http://www.DarGlobal.co.uk)
- Ends -
For further enquiries, please contact:
Dar Global plc IR@darglobal.co.uk (mailto:IR@darglobal.co.uk)
Panmure Liberum (Corporate Broker) Tel: +44 (0) 20 3100 2000
Dru Danford / Jamie Richards
Burson Buchanan (Financial Communications) Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Simon Compton darglobal@buchanancomms.co.uk (mailto:darglobal@buchanancomms.co.uk)
www.bursonbuchanan.com (http://www.bursonbuchanan.com)
FY25 Results Presentation
The Company's FY25 Results presentation will be available on the Investor
Relations section of Dar Global's website (https://darglobal.co.uk/investor/
(https://darglobal.co.uk/investor/) ) shortly after 7:00am on 11 March 2026.
Chairman's Statement
A Year of Unprecedented Growth and Global Expansion
2025 was by any measure a transformative year for Dar Global, one that saw us
more than double our project pipeline to approximately US$19 billion, expand
into new markets, and deliver on the financial commitments we made to
shareholders when we set out our guidance in 2023. The growth we achieved this
year is not just a reflection of market conditions; it is a testament to the
extraordinary team we have built and the trust our shareholders and partners,
continue to place in our vision.
Strategic Expansion, Landmark Launches and Focused Execution
Our most notable milestone was our broadened entry into the Kingdom of Saudi
Arabia, where we acquired strategic lands for landmark projects in Riyadh and
Jeddah. We successfully launched these prestigious projects in January 2026 in
partnership with the Trump brand. These developments underscore our confidence
in the Kingdom's robust fundamentals and alignment with Vision 2030. Having
witnessed firsthand the energy and ambition of the Kingdom's transformation
under Vision 2030, I am confident that Saudi Arabia will be a cornerstone of
our growth. Our presence in Qatar with Trump International Golf Club Doha and
Simaisima Villas, alongside continued momentum in the UAE and Oman, reinforce
our leadership in the region's luxury markets.
We successfully launched projects this year that exemplify our commitment to
design excellence and innovation These include D-Villas at Jumeirah Golf
Estates and the Trump International Hotel & Tower Dubai, a flagship
mixed-use development that further strengthen our leadership in Dubai's luxury
real estate sector. These projects reflect what we do best: partnering with
world-renowned brands to create iconic living spaces in high-growth markets.
Execution continues to be central to our operations. Main works contractors
were appointed for Astera, Trump Tower Jeddah, D-Villas, and our projects
within AIDA Phase I and Spain illustrating our dedication to operational
excellence and on-time delivery that meets the highest expectations of our
stakeholders.
Strengthening Financial Capacity and Governance
I am proud to report that we achieved our revenue and EBITDA guidance
announced in 2023. We delivered strong results for FY 2025, with revenues of
USD 538.6 million, EBITDA of USD 126.6 million, and net profit of USD
100.8 million.
The year also marked a major milestone in our capital markets journey as Dar
Global received FCA approval for transfer to the LSE's Equity Shares
(Commercial Companies) category, becoming the first GCC based company in this
category. We celebrated this achievement by ringing the LSE opening bell, as
we unveiled our global brand message 'Live All In', symbolising Dar Global's
ambition to create exceptional lifestyle experiences across our portfolio.
Financial flexibility remains a cornerstone of our capital-light strategy. In
2025, we enhanced our Litmus facility by US$165 million and initiated a
proposed acquisition of a licensed DIFC platform to enter asset management,
subject to regulatory approval, expanding our access to global capital.
Outlook: Confidence in a Dynamic Future
While the conflict that erupted in the Gulf in February 2026 has introduced a
new dimension of regional uncertainty, Dar Global enters 2026 from a position
of financial strength - with strong liquidity, disciplined capital deployment,
and the strategic patience to pursue compelling acquisitions as opportunities
arise in the market. Our focus on luxury branded residences, and the globally
mobile clientele they attract, provides us with long term resilience and
positions us to emerge from this period stronger than we entered it. Looking
ahead, we remain committed to selective expansion, strategic partnerships, and
iconic projects that create enduring value for our shareholders and
unparalleled experiences for our customers.
Appreciation
I want to express my deep appreciation, to our shareholders for your continued
trust, to our brand partners for their creativity and collaboration, and to
every member of the Dar Global team for their tireless commitment this year.
You are the reason this company is what it is. The foundations laid in 2025 in
Saudi Arabia, across our capital structure, and on the London Stock Exchange,
position this Company for a defining chapter ahead. The best is yet to come
for Dar Global.
David R. Weinreb
Chairman
CEO Statement
Live All In: Turning Global Ambition into Measurable Progress
In November 2025, we rang the opening bell in the London Stock Exchange, a
defining moment in our journey. As the first Saudi-born company and the first
from the wider Middle East to join the Equity Shares (Commercial Companies)
category on the LSE's Main Market, we marked this historic milestone by
unveiling our global brand message: 'Live All In'. These three words embody
everything we stand for viz. luxury without compromise, investment with
discipline, and the conviction to transform global aspirations into tangible
realities.
This philosophy is not merely aspirational; it is operational. Throughout
2025, we expanded into markets, launched signature developments, accelerated
sales momentum, and advanced project execution to deliver exceptional
experiences to our customers. Our portfolio of branded luxury developments
grew substantially, our public market platform strengthened, and we delivered
financial results in line with market guidance.
Building Scale Through Strategic Expansion
2025 marked a year of significant growth. Our gross development value expanded
from US$7.5 billion in 2024 to US$19 billion in 2025, driven primarily by
strategic land acquisitions in Riyadh and Jeddah. We launched these landmark
Saudi projects in January 2026, marking a decisive entry into one of the
world's most dynamic real estate markets.
This growth reflects more than numbers, it demonstrates confidence in our
business model and the structural transformation underway in Saudi Arabia. As
the Kingdom enters a new era of openness and global integration aligned with
Vision 2030, we are strategically positioned to connect international
investors with unprecedented opportunities in luxury real estate. We
strengthened our regional footprint with Trump International Golf Club Doha
and Simaisima Villas in Qatar, while in the UAE, we reinforced our market
leadership with the launch of Trump International Hotel & Tower Dubai, the
Middle East's first and only Trump-branded hotel and tower, and D-Villas at
Jumeirah Golf Estates, extending our presence in one of Dubai's most
prestigious communities.
From Launch to Delivery: Execution Excellence
Execution remained paramount throughout the year. We successfully completed
DaVinci Tower by Pagani, with customer handovers now underway a testament to
our ability to deliver world-class developments on schedule. We also awarded
main construction contracts for Astera, Trump Tower Jeddah, Jumeirah Golf
Estates villas, Great Escape under AIDA Phase I, and our Spain development,
accelerating delivery timelines across our entire portfolio.
Delivering Results in Line with Guidance
In FY24, we communicated a clear market objective: achieving cumulative
revenue of US$700 million across 2024 and 2025. I am pleased to confirm that
we achieved this cumulative target, reflecting the quality of our portfolio,
the strength of demand for our branded luxury proposition, and our execution
discipline.
In FY25, revenue reached US$538.6 million (FY24: US$240.3 million), driven by
the achievement of key construction and revenue recognition milestones across
our portfolio. As anticipated, progress across our developments enabled the
recognition of a significantly greater proportion of revenue this year. Gross
profit stood at US$189.7 million with a margin of 35% (FY24: 36%), while
EBITDA totalled US$126.6 million (FY24: US$30.1 million), supporting an
average EBITDA margin across FY24 and FY25 broadly comparable to FY23. Net
profit for the year reached US$100.8 million (FY24: US$14.9 million).
Our financial position remains robust. Cash and cash equivalents stood at
US$701.5 million (including project escrow balances and escrow retention) with
undrawn debt facilities of US$228.2 million (FY24: US$424.4 million and
US$53.1 million respectively), providing the financial flexibility to
capitalise on attractive opportunities whilst maintaining our disciplined
approach to capital allocation.
Saudi Arabia: A Structural Opportunity Aligned with Vision 2030
Saudi Arabia represents a cornerstone of our strategy. The Kingdom's real
estate transformation, driven by Vision 2030, is reshaping demand and
broadening global participation. With the property market opening to foreign
non-resident investment in January 2026, we believe Dar Global is
strategically positioned to capitalize on this defining moment. Our Saudi
portfolio, now a significant component of our US$19 billion GDV, enables us to
capture this structural opportunity while benefiting from the Kingdom's
demographic strength, economic diversification, and infrastructure investment.
Innovation: Technology, Financial Services and New Investment Structures
Innovation remains a strategic pillar of Dar Global. In 2025, we progressed a
proposed acquisition of a DIFC-licensed financial services platform, subject
to regulatory approval, to provide asset management capabilities and
strengthen our ability to attract international capital into real estate.
Alongside this platform expansion, we continued to explore and invest in
technologies that can improve the customer journey, expand investor access,
and enhance operational efficiency:
· Artificial Intelligence: We are harnessing AI to transform how
luxury real estate connects with discerning investors, sharpening campaign
precision, elevating lead quality, personalizing content creation, and
reimagining property discovery. Our approach ensures technology amplifies
human insight rather than replaces it, recognising that exceptional real
estate decisions are built on both data intelligence and emotional resonance.
· Tokenisation and Digital Ownership Models: Dar Global continues
advancing its tokenisation proposition using blockchain-powered structures to
evolve how investors access high-value luxury real estate, including
fractional participation through regulated platforms. This innovation has the
potential to democratise access to premium real estate investment while
maintaining appropriate investor protections.
Operational Excellence and Global Distribution
Our operational capabilities strengthened significantly during the year. Our
global distribution network now comprises over 150 sales professionals across
nine sales offices, supported by more than 1,300 active brokers in over 60
countries, enabling us to effectively reach sophisticated investors worldwide.
Our capital-light business model based on off-plan sales, joint development
agreements, and fixed-price construction contracts provides substantial risk
mitigation while maintaining strong returns on invested capital as we scale.
Outlook and Strategic Priorities
Looking ahead, our priorities remain consistent and focused on sustainable
value creation:
· Leverage the Saudi market which opened for foreign investors, in
January 2026 to capture first-mover advantage in connecting international
capital to Kingdom opportunities; while progressing active discussions on
expansion in Greece and select US market.
· Deliver and de-risk the portfolio through construction and
handover milestones, converting pipeline into completed projects and
recognised revenue;
· Expand selectively, adding new projects only where returns, market
positioning, and risk profile meet our disciplined investment thresholds;
· Maintain capital discipline, supported by our capital-light model,
strong liquidity position, and conservative approach to leverage;
· Uphold governance and reporting standards expected of a leading
London-listed company, ensuring transparency and accountability to all
stakeholders;
· Progress our financial services and technology initiatives to
create additional revenue streams and enhance our competitive positioning.
Acknowledgements
I would like to thank our talented teams, trusted partners, prestigious brand
collaborators, and shareholders for their continued support and confidence in
Dar Global. Together, we are delivering exceptional homes and destinations
while building a global platform that creates sustainable value and connects
international capital to the world's most dynamic real estate markets.
The 'Live All In' philosophy is not just our brand promise it is our
commitment to execution, to excellence, and to building a company that
delivers on its commitments to all stakeholders.
Ziad El Chaar
Chief Executive Officer
Business Performance and Project Update
Dar Global has achieved consistent progress throughout FY25, driving portfolio
expansion despite ongoing macroeconomic challenges. The Company has sustained
robust growth and strong sales momentum across its projects. Our disciplined
approach to investment decisions continues to be a cornerstone of our
strategy, positioning Dar Global for sustained long-term success.
We are pleased to provide an update on the progress of our development
projects for FY25.
Dubai, UAE
According to CBRE, Dubai stands as a global leader in branded residences with
one of the world's highest concentrations of luxury residential projects. With
5.3% GDP growth forecast for 2025, record tourism of 15.7 million visitors,
and over 9,800 millionaires relocating to the UAE this year, the emirate
continues its upward trajectory. The D33 vision and Dubai 2040 Urban Master
Plan target population growth from 3.9 million today to 7.8 million by 2040,
while the city positions itself to become one of the world's top four
financial hubs, making it the premier destination for discerning global
investors.
Our Projects in Dubai
Trump Tower - Trump International Hotel & Tower Dubai is the first
Trump-branded mixed‑use development in the Dubai. The project comprises a
five‑star hotel, private residential units, and an exclusive members' club
within a single integrated address. Each component has been designed to
support high‑quality living, leisure, and business requirements. Located in
a prime position with direct connectivity to Downtown Dubai, the development
offers uninterrupted views from every unit, including vistas of the sea and
the Burj Khalifa.
Status Under construction
Launched Q2 2025
Schedule completion Q4 2031
No of Units 574*
*includes Hotel key as well
D-Villas at Jumeirah Golf Estate - D‑Villas is a residential development
located within Jumeirah Golf Estates, one of Dubai's established master
communities. The project is situated adjacent to the community's landscaped
green areas and in proximity to its two championship golf courses. Residents
have access to the wider Jumeirah Golf Estates amenities, including leisure,
dining, and fitness facilities, subject to community regulations. The location
offers convenient connectivity to major city landmarks through key road
networks, providing access to Dubai's primary business, retail, and lifestyle
destinations.
Status Under construction
Launched Q1 2025
Schedule completion Q2 2028
No of Units 210
Da Vinci Tower by Pagani - Da Vinci Tower is a residential development
featuring interior design by Pagani. The tower incorporates a distinctive
façade defined by geometric architectural elements intended to create a
visually dynamic exterior. The development is designed to present a modern
residential environment with a focus on high‑end finishes and contemporary
design aesthetic.
Status Completed
Launched Q1 2022
Schedule completion Completed
No of Units 85
W Residences - W Residences Dubai - Downtown is a branded residential
development associated with the W Hotels portfolio. The project is in Downtown
Dubai, near major landmarks including the Burj Khalifa, The Dubai Mall, and
the Dubai Fountain. The development is positioned to provide residents with
immediate access to the surrounding amenities and transport networks within
the Downtown area.
Status Under construction
Launched Q1 2022
Schedule completion Q2 2027
No of Units 383
DG1 - DG1 is Dar Global's first 'own-brand' development located in Business
Bay, Dubai. The project offers direct connectivity to key city landmarks,
including the Burj Khalifa, The Dubai Mall, and Dubai Opera. The building
features a contemporary architectural design with an emphasis on functional
planning and aesthetic detailing. The development forms part of a
well‑established mixed‑use district with access to retail, dining, and
leisure facilities.
Status Under construction
Launched Q1 2023
Schedule completion Q2 2027
No of Units 249
Urban Oasis Tower - The Urban Oasis Tower is a 34-storey residential
development located on the Dubai Canal, featuring bespoke apartments with
interiors designed in collaboration with Missoni, the Italian fashion
designer. This project was completed in 2024. Urban Oasis represents Dar
Global's first completed project, underlining its ability to successfully
execute large projects.
Status Completed
Launched Q3 2021
Schedule completion Completed
No of Units 467
RAK, UAE
The branded residence market in RAK has emerged as one of the UAE's fastest
growing segments, fuelled by recent economic growth and supported by a clear
tourism strategy that leverages the Emirate's unique positioning through its
natural assets, including mountains and beaches, and as a regional adventure
tourism destination. The key catalyst for this change was the announcement of
Wynn Al Marjan resort, which has effectively anchored the sector with a major
long term demand driver.
The Astera - The Astera by Aston Martin is a stunning beachfront residence on
Al Marjan Island, Ras Al Khaimah, where Aston Martin's signature elegance
meets modern coastal living. Offering luxurious one to three-bedroom
apartments and exclusive three-bedroom beach villas, each home is designed
with breathtaking Gulf views and world-class amenities. With direct beach
access, an infinity pool, and a private cinema, The Astera promises a
lifestyle of sophistication and serenity in one of the UAE's most exciting
waterfront destinations.
Status Under construction
Launched Q2 2024
Schedule completion Q4 2028
No of Units 280
Saudi Arabia (KSA)
Per CBRE- Saudi Arabia Estate Market Review, In the first half of 2025, the
residential sector led market activity, accounting for 63% of total real
estate transaction value. Residential transactions rose by 7% year-on-year to
nearly 93,700 deals, with total value reaching SAR 77.5 billion (up 4% from H1
2024). This momentum is underpinned by increased mortgage activity, government
support, and new housing stock in major cities. Riyadh's apartment prices
rose 10.6% year-on-year in Q2 2025, while villa prices increased by 8.2%.
Jeddah's residential market saw transaction volumes rise by 19% and value by
28%, with northern districts leading price growth. In Q2 2025, the average
apartment price in Jeddah reflecting a 2.7% year-on-year increase.
Looking ahead, Riyadh and Jeddah remain the Kingdom's most dynamic markets,
supported by ongoing Vision 2030 initiatives and major infrastructure
investment. The implementation of the foreign ownership law in January 2026 is
set to further energise the market by boosting liquidity, attracting foreign
capital, and enhancing development quality.
Our Projects Saudi Arabia
Rayana - Rayana is Dar Global's premium residential enclave within Wadi Safar,
designed around hospitality, golf, and a limited collection of private
mansions. The development comprises both Trump‑branded and non‑branded
ultra‑luxury mansions. Each residence will be delivered with a complete
architectural shell, enabling owners to customise all internal spaces
according to their individual lifestyle and specifications. The masterplan
includes the Trump Championship Golf Course, Trump International Hotel, and
Trump International Golf Club. Rayana is located near Diriyah and the royal
district, surrounded by established golf, equestrian, and wellness amenities.
Status Under construction
Launched Q1 2026
Schedule completion Q4 2030
No of Units 131
(Rayana launched in January 2026)
Neptune interiors by Mouwad - Neptune Villas offers a refined integration of
high‑end design and residential living in North Riyadh. This exclusive villa
collection is developed in collaboration with Mouawad, the internationally
recognised luxury jewellery house known for its longstanding heritage and
exceptional craftsmanship. The project reflects Mouawad's distinguished design
ethos, bringing a sophisticated and timeless aesthetic to each residence.
Status Under construction
Launched Q4 2024
Schedule completion Q4 2027
No of Units 200
Amaya - Amaya is one of the latest major development opportunities in central
Jeddah, offering approximately 1,000,000 sqm of construction-ready, flat land
with strong access to key districts via King Abdulaziz Road. The project is
anchored by Al-Amal Avenue, connecting the Historic Old City with King
Abdulaziz Road. The masterplan features shaded streets, landscaping, and
walkable green environments, with flexible plots suitable for residential,
commercial, or mixed-use development. With its prime location, ready
infrastructure, and proximity to major citywide upgrades, Amaya presents a
strong investment opportunity with long-term value potential.
Status Under construction
Launched Q1 2026
Schedule completion Q1 2029
No of Plots 578
(Amaya launched in January 2026)
Trump Tower, Jeddah - Trump Tower Jeddah is our first project in Jeddah and
second in Saudi Arabia, located along the iconic Jeddah Corniche. With 561
exclusive residences, the tower reflects the excellence and sophistication of
the Trump brand, offering contemporary design, high-end finishes, and
world-class amenities. Its prime waterfront location and thoughtfully designed
living spaces set a new benchmark for luxury living in the city.
Status Under construction
Launched Q4 2024
Schedule completion Q4 2029
No of Units 561
Trump Plaza, Jeddah - Trump Plaza Jeddah is strategically located on King
Abdulaziz Road within the Amaya master development. The development features
fully furnished, Trump-branded residences, designed and delivered to
international standards of quality, finish, and service.
Status Under construction
Launched Q1 2026
Schedule completion Q4 2030
No of Units 266
(Trump Plaza launched in January 2026)
Oman
Oman's residential real estate market is projected to reach US$7.42 billion by
2030, with expectations of about 9% compound annual growth as new projects and
foreign investment expand. Broader real-estate-related activity (including
construction and development) is also forecast to increase steadily, with
residential remaining the dominant segment. Oman's real estate price index
rose around 10.8% year‑on‑year in Q2 2025, with residential prices up
about 11.8% and villas up roughly 17-18%. Earlier in the year, residential
prices were already up more than 7% year‑on‑year in Q1 2025, led by higher
land values.
Our projects in Oman
AIDA - AIDA is a breathtaking luxury development set on the dramatic cliffs of
Muscat, offering an unparalleled blend of natural beauty and refined living.
Spanning 4.3 million square meters, this visionary project will be developed
over 8 to 10 years and launched in 10 phases and this exclusive community will
have home to luxurious residences, a world-class Trump golf course, and
premium hospitality experiences. Designed to harmonise with Oman's stunning
landscapes, AIDA seamlessly merges modern elegance with the serenity of its
coastal surroundings. With thoughtfully crafted villas and apartments boasting
panoramic views, along with exceptional amenities, AIDA offers a one-of-a-kind
lifestyle where luxury meets nature's masterpiece.
Status Under construction
Launched Q1 2023
Schedule completion Phase I - 2027-28
Phase II - 2029-30
Entire Masterplan by 2034
No of Units 1604*
*Launched units only
Qatar
Qatar's residential market recorded a notable annual increase in the value and
volume of residential transactions in Q3 2025, reflecting buyers' confidence
and strong investment appetite across key districts, demonstrating resilience
in the face of regional geopolitical tensions. Residential transactions were
up 57% on Q3 2024 (1,682 sales in Q3 2025 v 1,070 in Q3 2024). Average villa
prices are 2% lower than this time last year and currently stand at QAR 6,614
psm, while average apartment prices increased 3.4% to QAR 13,074 psm, between
Q3 2024 and Q3 2025. This expansion builds on the strong momentum seen earlier
in 2025, where Q2 2025 recorded 1,799 sales, up 109% on Q2 2024. This growth
followed a subdued period during 2023- 2024 when post-World Cup adjustments
and tightening liquidity temporarily weighed on sentiment.
Our projects in Qatar
LES VAGUES BY ELIE SAAB and Lumaia - Les Vagues is a residential development
comprising five towers located on Qetaifan Island North in Lusail. The project
features 424 apartments and retail units across the five towers designed to
offer uninterrupted coastal views. As the first residential development in
Qatar with interiors by Elie Saab and Lumaia, it incorporates the designer's
signature aesthetic into a contemporary coastal setting. The development
includes one-, two-, and three-bedroom apartments supported by a range of
amenities designed to enhance resident comfort and convenience. Les Vagues
provides a premium residential environment that combines high-end design with
direct proximity to the shoreline.
Status Under construction
Launched Q4 2022
Schedule completion Q4 2027
No of Units 424
Spain
Spain is experiencing a housing boom supported by job growth, wage increases
above inflation, population growth and strong foreign buyer activity. At the
same time, new construction is increasing but still falls short of demand, so
the structural housing deficit persists and continues to push prices up.
Transaction volumes are high by historical standards, with around 700,000 home
sales per year (~19.7% increase year on year). Demand is broad-based,
supported by both domestic buyers and foreign investors. However, supply has
not tightened the balance despite rising construction permits and a rebound in
new-home approvals, the accumulated housing deficit since 2021 exceeds 500,000
unit. The Spanish residential market continues to show an upward price
trend-both in new and existing homes clearly reflecting the persistent tension
between demand and supply. According to Tinsa, in the third quarter of 2025,
the average value of housing (new and used) increased by 11.7% year on-year
and 3.0% quarter-on-quarter in nominal terms.
Our projects in Spain
TIERRA VIVA, DESIGN BY AUTOMOBILI LAMBORGHINI - Tierra Viva is Dar Global's
first development in continental Europe, launched in June 2023 in
collaboration with Automobili Lamborghini. The project comprises an exclusive
gated community luxury villas and construction ready plots located in the
hills of Benahavís, with elevated views toward Marbella and the Mediterranean
Sea. The design of the residences is inspired by Lamborghini's architectural
and stylistic principles, incorporating contemporary aesthetics and clean
geometric forms. Tierra Viva offers a high-end residential environment in one
of Spain's most desirable and established luxury destinations.
Status Under construction
Launched Q2 2023
Schedule completion Q4 2028
No of Units 53
MAREA, ITERIORS BY MISSONI - Marea is Dar Global's second development in
Spain, unveiled in August 2023 and featuring interior design by Missoni. The
project is situated in a prime coastal location and is planned to offer
uninterrupted sea views along with convenient access to established golf
courses and lifestyle amenities in the surrounding area. Marea is designed to
deliver a high‑end residential environment that integrates contemporary
luxury with the natural characteristics of its setting.
Status Under construction
Launched Q3 2023
Schedule completion Q4 2027
No of Units 64
MANILVA, TABANO - In September 2022, Dar Global acquired six land plots (4.6
million sqm) in Manilva, Málaga, near the Cádiz border in southern Spain.
Located about 45 minutes from Marbella, the site is close to a renowned polo
destination and some of the finest beaches on the Costa del Sol. The Tabano
project is currently in the early permitting phase, and we are working with
the Consultants to develop the concept master plan and infrastructure
strategy. Development plans will be finalised once the planning permissions
are in place.
London, UK
As per CBRE Report on London's Future Driving Growth Across Real Estate,
London dominates European cross-regional real estate investment, leading all
cities across market cycles from 2022 through H1 2025. International buyers
from over 50 countries have completed 62% of all property sales since 2016,
with overseas capital representing 69% of office volumes and 65% of retail
transactions. Despite below-trend activity due to elevated interest rates,
recovery is underway. Overseas investors are returning, large-lot deals are
accelerating, and year-on-year volume growth is expected. London's structural
advantages English law, strategic time zone, transparent markets, and global
connectivity cement its position as Europe's most liquid real estate
investment market
Our projects in London, UK
ALBERT HALL MANSIONS- Albert Hall Mansions Penthouse is located in one of
London's most prestigious residential areas, directly facing the Royal Albert
Hall. The property forms part of a historic, architecturally notable
Victorian-era building known for its distinguished façade and prime position
along Kensington. The penthouse benefits from unobstructed views of the Royal
Albert Hall and offers an exclusive central London address within close
proximity to major cultural, recreational, and institutional landmarks.
Status Under construction
Launched Q2 2024
Schedule completion Q2 2027
No of Units 1
Oh So Close - Located within the leafy community of West Ealing, this project
comprises of two three-storey houses divided into luxury flats.
Status Completed
Launched Q2 2023
Schedule completion Completed
No of Units 17
The MULLINER- Located at the corner of Old Park Lane and Piccadilly, with
direct views over Green Park, No. 149 is among the most distinguished Grade II
listed properties on Old Park Lane. The building has undergone a comprehensive
redevelopment and has been designed and finished to high contemporary
standards while retaining its architectural character.
Status Completed
Launched Q2 2022
Schedule completion Completed
No of Units 1
Financial Review
Expanding Our Global Luxury Portfolio for Sustainable, Long‑Term Growth
The Company has firmly established itself as a leading developer of luxury
homes, achieving remarkable milestones that position us for continued
expansion and sustained long-term growth. Dar Global's financial performance
in 2025 demonstrates our strategic commitment to long-term value creation,
market expansion, and accelerated construction delivery. Building on a strong
foundation, we achieved substantial growth in Gross Development Value (GDV)
through the announcement of several landmark projects in the Kingdom of Saudi
Arabia, while maintaining robust sales performance across both newly launched
and existing developments. This strategic expansion of our development
pipeline reinforces our market leadership in the luxury real estate sector and
underscores our dedication to delivering exceptional, sustainable value to our
stakeholders.
FY25: Financial Performance
Revenue for the year stood at US$538.6 million (FY24: US$240.3 million) and
was primarily attributed to construction progress in our projects across UAE,
KSA, Oman and Qatar.
Gross Profit was US$189.7 million, with a margin of 35% (FY24: US$87.4 million
and margin of 36%). EBITDA for the year was US$126.60 million (FY24: US$30.1
million), while Net Profit stood at US$100.8 million (FY24: US$14.9 million).
Sales and GDV experienced remarkable growth during the year as the Group
continued to launch additional inventory across existing and new projects. The
revenues with respect to new sales will be recognised in future periods once
the respective projects meet revenue recognition milestones. Gross GDV
increased from US$7.5 billion during FY24 to US$19 billion in FY25, driven
primarily by the expansion in Kingdom of Saudi Arabia.
Strategic Progress and Financial Stability
The Group continues to leverage its capital light model and maintain a
disciplined approach to liquidity management. The Group's liquidity position
strengthened significantly, with cash and cash equivalents (including escrow
and escrow retentions) reaching US$701.5 million as of 31 December 2025, a 65%
increase from US$424.4 million in the previous year. Net asset value grew to
US$584.4 million, reinforcing the Group's solid financial foundation and
operational strength.
The Group demonstrated robust access to debt capital markets, enhancing its
financial flexibility to capitalise on new opportunities. As of year-end,
undrawn debt facilities stood at US$228.2 million, demonstrating the Group's
financial resilience and ability to fund future growth initiatives.
As of 31 December 2025, the total liquidity pool stands at c. US$311.7
million, including unrestricted undrawn debt facilities of c. US$228.2 million
and excluding project escrow balances. The Group's escrow balances (including
restricted cash) stood at US$618.0 million which provides adequate liquidity
for completion of our ongoing projects. This robust liquidity position
provides the Group with the flexibility to capitalise on project
opportunities, ensuring a robust and dynamic asset portfolio to drive future
growth.
Summarised Consolidated Statement of Profit or Loss and Other Comprehensive
Income
Amounts in US$ million FY25 FY24
Revenue 538.6 240.3
Cost of revenue (348.9) (152.9)
Gross profit 189.7 87.4
Gross profit % 35.2% 36.4%
Other income 24.1 4.2
Selling, General & Administrative expenses (93.3) (67.0)
Finance income (cost) (7.8) (11.3)
Share of profit (loss) from joint venture - 0.7
Profit before tax 112.7 14.0
Income tax (12.0) 0.8
Profit for the period 100.8 14.9
Increase (decrease) in foreign currency translation reserve 5.1 (1.9)
Total comprehensive income for the year 105.9 13.0
Revenue : Revenue increased by US$298.3 million to US$538.6 million in FY25
(FY24: US$240.3 million), primarily relates to the initial recognition of
revenue for certain projects in the UAE, KSA, Oman, and Qatar following the
attainment of the relevant construction milestones.
Gross profit: Gross profit margin remained at 35% (FY24: 36%), with the
marginal decrease primarily reflecting project mix.
Other income: The increase in other income is primarily attributable to the
gain recognised on the reduction of development property liabilities, foreign
exchange gains, and increase in income from support services provided to
related parties.
Operating expenses: The increase is primarily attributable to payroll and
related costs, the recognition of sales commissions associated with increased
revenue, and an increase in other administrative expenses. This is partially
offset by a reduction in marketing expenses, highlighting operational
efficiency gains.
Net finance cost: Net finance cost represents interest expenses on debt
facilities net of finance income and includes the impact of unwinding
discounts on long-term liabilities.
Income Tax: The income tax includes corporate tax and Deferred tax expenses
(credits).
Summarised Balance Sheet
Amounts in US$ million FY25 FY24 Change
Cash and cash equivalents 668.0 413.6 254.4
Escrow retentions 33.5 10.8 22.7
Trade and unbilled receivables 351.8 277.3 74.5
Advances, deposits and other receivables 185.4 119.8 65.6
Development properties 783.1 586.4 196.7
Other assets 40.8 33.5 7.3
Total assets 2,062.6 1,441.4 621.2
Trade and other payables 125.6 85.0 40.6
Advance from customers 459.5 180.0 279.5
Bank borrowings 169.1 205.5 -36.4
Due to related parties 287.1 222.6 64.5
Development property liabilities 412.1 254.7 157.4
Other liabilities 24.8 15.1 9.7
Total liabilities 1,478.2 962.9 515.3
Net asset value / Total equity 584.4 478.5 105.9
Development properties - There was a gross addition of US$532.5 million,
primarily driven by costs incurred on the Group's active projects across
various geographies, as well as the acquisition of lands in KSA, UAE, and
Qatar, including borrowing costs capitalised under IAS 23 up to the point of
initial revenue recognition. This increase is partially offset by US$335.8
million transferred to the cost of goods sold in line with revenue
recognition.
Advances, deposits and other receivables - the increase is attributable to
sales commissions paid to brokers and employees in relation to property sales,
which will be expensed in line with the revenue recognition pattern of the
projects, and an increase in VAT refund receivable, in KSA.
Advances from customers - There was an increase in collections during the year
due to the launch of new projects in UAE, Oman, Qatar and KSA, as well as
collections from new and previously sold units in existing projects, in line
with the agreed payment plans.
Due to related party - The increase is on account of drawdown of loan during
the year.
Development property liabilities - Increase in development property
liabilities is due to the acquisition of lands in KSA and Qatar under a
deferred payment plan.
Trade and other payables - the increase pertains to accruals for project
related expenses and sales commissions recognised during the year.
Prospects for 2026
The Group's strong sales momentum and the substantial GDV growth achieved in
2025 highlight the inherent strength and resilience of Dar Global's business
model. The Company has significantly expanded its development pipeline,
enhancing medium-term earnings visibility.
The Group enters 2026 from a position of financial strength, underpinned by
robust liquidity, a healthy sales backlog and substantial escrow balances held
against projects under construction. These resources provide the Group with
confidence in its ability to deliver on its current commitments to customers
and stakeholders alike. The Group remains well-capitalised to fund ongoing
construction activity and to meet all project delivery timelines.
The Group is mindful of the heightened geopolitical tensions in the Gulf
region, including the escalation of military activity since late February
2026, and the broader macroeconomic uncertainties that these events have
introduced across the markets in which we operate. While the Board takes these
developments seriously, the Gulf states have historically demonstrated
remarkable resilience and an ability to reset following periods of disruption,
as evidenced by the region's strong recovery from the global financial crisis
of 2009/10 and Covid-19. The Group's capital-light development model reduces
carrying risk and affords management the flexibility to phase project launches
and construction mobilisations in line with evolving market dynamics. The
Board and executive team bring deep experience of operating through comparable
periods of uncertainty, having been instrumental in navigating similar
situations in the past. Against this backdrop, the Board has adopted a clear
focus on liquidity preservation and capital discipline, and the Group remains
well positioned to navigate the current environment while continuing to
prioritise project delivery, sourcing attractive opportunities and stakeholder
value.
Management remains committed to disciplined financial execution as we deliver
on these milestones and will provide further guidance on profitability metrics
as the year progresses and market conditions allow for greater forward
visibility.
Cautionary statement regarding forward-looking statements
This release may include statements that are, or may be deemed to be,
'forward-looking statements'. These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects',
'intends', 'may', 'will' or 'should' or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. They appear in a
number of places throughout this release and include, but are not limited to,
statements regarding the Group's intentions, beliefs or current expectations
concerning, among other things, the Group's results of operations, financial
position, liquidity, prospects, growth, strategies and expectations of the
industry.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances. Forward-looking
statements are not guarantees of future performance and the development of the
markets and the industry in which the Group operates may differ materially
from those described in, or suggested by, any forward-looking statements
contained in this release. In addition, even if the development of the markets
and the industry in which the Group operates are consistent with the
forward-looking statements contained in this release, those developments may
not be indicative of developments in subsequent periods. A number of factors
could cause developments to differ materially from those expressed or implied
by the forward-looking statements including, without limitation, general
economic and business conditions, industry trends, competition, commodity
prices, changes in law or regulation, changes in its business strategy,
political and economic uncertainty. Save as required by the Listing and
Disclosure Guidance and Transparency Rules, the Company is under no obligation
to update the information contained in this release. Past performance cannot
be relied on as a guide to future performance.
Going concern statement
In 2025, the Group secured additional growth capital of up to US$165 million
to support investment in new projects and geographies. The Board, having
regard to the Group's internal forecasts and projections for five years, which
are based on the current trends in sales and development, and after taking
account of the funds currently held, the available facilities including the
undrawn facilities of US$228.2 million at year end have concluded that the
Company and the Group will be able to operate within the level of its
available resources.
The Directors have at the time of approving the consolidated financial
statements, a reasonable expectation that the Group has adequate resources to
continue to be in operational existence for the foreseeable future. Thus, they
continue to adopt the going concern basis of accounting in preparing the
consolidated financial statements.
Principal risks and uncertainties at Year End 2025
Risk description Remediation / Mitigation
Strategic and financial risks
1. Property market cycles and interest rates - Critical assessment of target location and underlying demand.
Changes in macroeconomic environment or tightening of financial conditions may - Conservative deployment of capital.
lead to falling demand through a reduction in the wealth of our target
affluent customer demographic. This could result in reduced sales volumes and - Joint venture agreements for suitable land and partners.
affect our ability to deliver profitable growth.
- Frequent review of pricing.
Availability of suitable land at appropriate cost is also strongly impacted by
property market conditions, incorrect timing of purchases could impact future - Strong relationships with key brokers.
profitability.
- Geographical diversification.
2. Capital availability and solvency - Disciplined capital management.
Lack of sufficient financing may restrict our ability to respond to changes in - Secured funding lines for future opportunities.
the economic environment and take advantage of appropriate land buying and
operational opportunities to deliver strategic priorities. - Strong and supportive majority shareholder.
3. Political risk - Diversification across several jurisdictions, with the majority considered
safe havens by wealthy investors.
Significant political events locally and globally may impact Dar Global's
business as customers may be reluctant to make purchases due to uncertainty. - Conservative capital policy enables management to tolerate lower sales
Sanctions may cause supply chain disruption, and changes in local laws may volumes and avoid steep price cuts.
increase costs or cause delays to projects.
Operational risks
4. Contractor ability to deliver on time with high quality/low defect - Rigorous contractor due diligence.
Failure to achieve excellence in construction, such as late completion of - Legally binding contractual terms.
works, design and construction defects could expose the Company to future
remediation liabilities, and impact future sales through reputational damage. - Stringent quality assurance through build programme oversight by both Dar
Global engineers and independent consultants on multiple sites across several
countries.
5. Legal risks: joint venture and branding - Extensive due diligence on all partners.
Differences in interpretation of goals, roles, and responsibilities of each - Contractual agreements detailing roles, responsibilities and performance
partner may lead to protracted delays in executing and legal recourse, which, requirements, defined through pre-agreement discussions to effectively address
in the event of underperformance by one or more parties, a change in control/ and allocate ownership of risks and potential liabilities between parties.
financial stability of one of our partners, could result in large losses and
reputational damage to Dar Global. - Effective, frequent communication and updates to all relevant parties
throughout the life of each project.
- Oversight by both Dar Global engineers and independent consultants
6. Labour standards and health & safety - Robust health and safety procedures for all construction sites.
Health and safety, or environmental breaches can impact Dar Global's - Regular health and safety monitoring, external audits of all sites, and
employees, subcontractors and site visitors, and result in reputational regular management reviews.
damage, criminal prosecution, civil litigation, increased cost and delays in
construction. - Contractual requirements for all subcontractors to abide by high standards
of safety
7. Cyber and data risk To address the residual risk, the Group:
The Group places significant reliance upon the availability, accuracy, and - Has a comprehensive Information Security Programme to complement existing
confidentiality of all of its information systems and data. It could suffer controls, addressing any vulnerabilities and implementing best practices with
significant financial and reputational damage from corruption, loss or theft the support of specialist external third parties.
of data.
- Deployed multi-factor authentication on key platforms.
- Uses cloud-based services reducing centralised risk exposure.
8. Employee relations We have the following measures in place:
Increasing competition for skills may mean we are unable to recruit and retain - Succession planning for key management.
the best people. It could result in a failure to deliver our strategic
objectives, a loss of corporate knowledge and competitive advantage. - Monitoring attrition rates, attendance and feedback from exit interviews.
In addition, we are enhancing our performance management approach.
Responsibility statement of the directors in respect of the annual financial
report
We confirm that to the best of our knowledge:
The financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company and the undertakings
included in the consolidation taken as a whole; and
The strategic report/directors' report includes a fair review of the
development and performance of the business and the position of the issuer,
and the undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they face.
The Directors' Report, which has been prepared in accordance with the
requirements of the Companies Act 2006, has been approved by the Board and
signed on its behalf by:
David Weinreb
Chairman
10 March 2026
Dar Global PLC and its subsidiaries
London - United Kingdom
Consolidated statement of financial position
(In United States dollar)
Note December 31, December 31,
2025 2024
ASSETS
Cash and cash equivalents 5 668,046,169 413,625,405
Trade and unbilled receivables 6 351,751,094 277,338,806
Advances, deposits and other receivables 7 185,395,654 119,774,587
Development properties 8 783,111,658 586,415,420
Escrow retentions 9 33,520,147 10,774,653
Due from related parties 17 6,476,773 1,600,015
Property and equipment 10 25,037,543 21,897,663
Right-of-use assets 11 3,846,885 4,133,177
Deferred tax assets 18 5,430,464 5,860,228
----------------- -----------------
TOTAL ASSETS 2,062,616,387 1,441,419,954
========== ==========
LIABILITIES AND EQUITY
LIABILITIES
Trade and other payables 12 125,608,822 85,015,114
Advances from customers 13 459,486,898 180,027,547
Retention payable 14 19,326,375 9,630,047
Development property liabilities 15 412,141,755 254,747,426
Bank borrowings 16 169,069,969 205,493,025
Due to related parties 17 287,093,049 222,567,717
Employees' end of service benefits 1,750,057 1,117,792
Lease liabilities 11 3,634,491 4,114,862
Deferred tax liabilities 18 126,200 252,935
----------------- ---------------
TOTAL LIABILITIES 1,478,237,616 962,966,465
========== =========
EQUITY
Share capital 19 1,800,216 1,800,216
Share premium 20 88,781,078 88,781,078
Retained earnings 487,866,754 387,488,728
Foreign currency translation reserve 4,656,617 (437,202)
Statutory reserve 2.21 1,229,110 820,669
---------------- ----------------
Equity attributable to owners of the Company 584,333,775 478,453,489
Non-controlling interest 28 44,996 -
--------------- ---------------
TOTAL EQUITY 584,378,771 478,453,489
----------------- ---------------
TOTAL LIABILITIES AND EQUITY 2,062,616,387 1,441,419,954
========== =========
The accompanying notes from 1 to 35 form an integral part of these
consolidated financial statements.
These consolidated financial statements were approved by the Board of
Directors on 10 March 2026 and signed on its behalf by:
David Weinreb Ziad El Chaar
Chairman Chief Executive Officer
Dar Global PLC and its subsidiaries
London - United Kingdom
Consolidated statement of profit or loss and other comprehensive income
(In United States dollar)
Note December 31, December 31,
2025 2024
Revenue 21 538,617,634 240,330,393
Cost of revenue 21 (348,915,514) (152,946,653)
--------------- ---------------
Gross profit 189,702,120 87,383,740
Other income 22 24,123,626 2,328,272
Selling and marketing expenses 23 (33,912,002) (27,345,974)
General and administrative expenses 24 (59,367,502) (37,691,519)
Finance costs 25 (24,910,352) (22,979,983)
Finance income 25 17,119,047 11,690,273
Share of profit from joint venture - 704,640
Gain from disposal of joint venture - 20,038
--------------- ---------------
Profit before tax 112,754,937 14,109,487
Income tax (expenses)/credit 18 (11,969,874) 803,690
--------------- ---------------
Profit for the year 100,785,063 14,913,177
========= =========
Other comprehensive income
Items that are or may be classified subsequently to profit or loss
Increase/(decrease) in foreign currency translation reserve 5,093,819 (1,871,239)
--------------- ---------------
Total comprehensive income for the year 105,878,882 13,041,938
========= ========
Profits/(loss) attributable to:
Owners of the company 100,786,467 14,913,177
Non-controlling Interests 28 (1,404) -
--------------- ---------------
100,785,063 14,913,177
========= =========
Total comprehensive income attributable to:
Owners of the company 105,880,286 13,041,938
Non-controlling Interests 28 (1,404) -
--------------- -------------
105,878,882 13,041,938
========= ========
Earnings per share attributable to owner of the Company:
- basic and diluted earnings per share (USD) 26 0.56 0.08
---------------- --------------
Adjusted earnings before interest, tax, depreciation and amortisation
(adjusted EBITDA)
Net finance costs 7,791,305 11,289,710
Depreciation on property and equipment and right-of-use assets 5,798,092 4,530,248
Tax expenses/(credit) 12,254,621 (675,239)
------------- -------------
Adjusted earnings before interest, tax, depreciation and amortisation 126,629,081
(adjusted EBITDA)
30,057,896
======== ========
The accompanying notes from 1 to 35 form an integral part of these
consolidated financial statements.
Dar Global PLC and its subsidiaries
London - United Kingdom
Consolidated statement of changes in equity
(In United States dollar)
Attributable to owners of the Company
Share capital Statutory Foreign currency translation reserve Retained Share Total Non-controlling interest Total equity
reserve earnings premium
Balance as at January 1, 2024 1,800,216 408,441 1,436,244 372,985,572 88,781,078 465,411,551 - 465,411,551
Profit for the year - - - 14,913,177 - 14,913,177 - 14,913,177
Other comprehensive income/(loss) - - (1,871,239) - - (1,871,239) - (1,871,239)
Total comprehensive income for the year - - (1,871,239) 14,913,177 - 13,041,938 - 13,041,938
Transaction with owners of the Company
Other reserves - 2,207 (2,207) - - - - -
Statutory reserve - 410,021 - (410,021) - - - -
Total transactions with owners of the Company - 412,228 (2,207) (410,021) - - - -
------------ ------------ ------------ ---------------- -------------- --------------- --------------- ---------------
Balance as at December 31, 2024 1,800,216 820,669 (437,202) 387,488,728 88,781,078 478,453,489 - 478,453,489
======= ======= ======= ========= ======== ========= ========= =========
Balance as at January 1, 2025 1,800,216 820,669 (437,202) 387,488,728 88,781,078 478,453,489 - 478,453,489
Profit/(loss) for the year - - - 100,786,467 - 100,786,467 (1,404) 100,785,063
Other comprehensive income/(loss) - - 5,093,819 - - 5,093,819 - 5,093,819
Total comprehensive income/(loss) for the year - - 5,093,819 100,786,467 - 105,880,286 (1,404) 105,878,882
Transaction with owners of the Company
Statutory reserve - 408,441 - (408,441) - - - -
Total transactions with owners of the Company - 408,441 - (408,441) - - - -
Non-controlling interest (refer to note 28) - - - - - - 46,400 46,400
------------ ------------ ------------ ---------------- -------------- --------------- --------------- ---------------
Balance as at December 31, 2025 1,800,216 1,229,110 4,656,617 487,866,754 88,781,078 584,333,775 44,996 584,378,771
======= ======= ======= ========= ======== ========= ========= =========
The accompanying notes from 1 to 35 form an integral part of these
consolidated financial statements.
Dar Global PLC and its subsidiaries
London - United Kingdom
Consolidated statement of cash flows
Note December 31, December 31,
2025 2024
Cash flows from operating activities
Profit for the year 100,785,063 14,913,177
Adjustments for:
Depreciation on property and equipment 24 3,020,698 2,022,188
Depreciation on right-of-use assets 24 2,777,394 2,508,060
Provision for employees' end of service benefits 1,024,062 653,073
Unrealised foreign exchange (4,994,703) -
Finance costs 25 24,910,352 22,979,983
Other income from partial forgiveness of liability 22 (10,987,066) -
Finance income 25 (17,119,047) (11,690,273)
Share of profit from joint venture - (704,640)
Gain from disposal of joint venture - (20,038)
Income tax expense/(credit) 11,969,874 (803,690)
---------------------- ---------------------
Operating profit before working capital changes 111,386,627 29,857,840
Working capital changes:
Trade and unbilled receivables (74,412,288) (55,471,342)
Advances, deposits and other receivables (65,283,477) (54,577,821)
Development properties and development property liabilities (24,746,143) (167,585,674)
Trade and other payables 30,771,509 55,904,872
Advances from customers 279,459,351 84,862,015
Retention payable 9,696,328 2,541,630
Due (from)/to related parties (4,876,758) 1,556,244
------------------------ ---------------------
Cash generated from/(used in) operating activities 261,995,149 (102,912,236)
Income tax paid (1,493,043) -
Employee benefits paid (391,798) (224,830)
------------------------- -----------------------
Net cash from/(used in) operating activities 260,110,308 (103,137,066)
------------------------ ----------------------
Cash flows from investing activities
Acquisition of property and equipment 10 (5,786,079) (18,149,090)
Escrow retentions (22,745,494) (787,176)
Funds transferred to related parties (6,109,364) (125,628)
Proceeds from disposal of property and equipment 10 1,219 60,382
Proceeds from disposal of investment in joint venture - 6,288,099
Net cash acquired on acquisition - 9,355,259
Interest income 25 13,717,616 11,259,006
Repayment to joint venture - 2,150,987
-------------------- ---------------------
Net cash (used in)/generated from investing activities (20,922,102) 10,051,839
-------------- --------------
Cash flows from financing activities
Proceeds from bank borrowings 16 5,602,989 147,882,072
Repayment of bank borrowings 16 (44,040,113) (67,092,067)
Interest expense on borrowings (12,381,329) (15,817,177)
Payment of structuring fees for bank borrowings (507,859) (660,784)
Proceeds from related party borrowings 17 69,369,659 226,576,921
Repayment of related party borrowings 17 (152,359) (7,798,634)
Payment of lease liabilities 11 (2,967,700) (2,931,863)
Interest expense on lease liabilities 11 (324,226) (314,936)
Proceeds from non-controlling interests 46,400 -
----------------------- -----------------------
Net cash generated from financing activities 14,645,462 279,843,532
---------------------- ----------------------
Net increase in cash and cash balances 253,833,668 186,758,305
Effect of translation of foreign currency 587,096 (1,624,934)
Cash and cash equivalents, beginning of the year 413,625,405 228,492,034
----------------------- -----------------------
Cash and cash equivalents at the end of the year 668,046,169 413,625,405
Cash and cash equivalents: --------------- ---------------
Cash in hand 5 230,286 81,076
Cash at banks 5 667,815,883 413,544,329
--------------- ---------------
668,046,169 413,625,405
========= =========
The accompanying notes from 1 to 35 form an integral part of these
consolidated financial statements.
1 Legal status and business activities
1.1 Dar Global PLC (the "Company") is a public limited
company, limited by shares, incorporated, domiciled, and registered in England
and Wales. The Company operates under a Company Number 14388348 issued by the
registrar of the companies for England and Wales. The majority of shares of
the Company are held by Dar Al Arkan Global Investment LLC ("Major
shareholder") in United Arab Emirates ("UAE") and the Ultimate parent company
of the Major shareholder is Dar Al Arkan Real Estate Development Company,
Kingdom of Saudi Arabia ("KSA"). The Group is primarily involved in
development and sale of real estate.
1.2 The registered address of the Company is located at 19th
Floor, 51 Lime Street, London, EC3M 7DQ, United Kingdom.
1.3 These consolidated financial statements ("financial
statements") represent the results of Dar Global PLC and its subsidiaries (the
"Group"), set out in note 1.4.
1.4 The Company has the following subsidiaries over which it
has direct or indirect control:
Name of subsidiary and domicile Percentage of effective holding Percentage of voting rights License / Registration No. Principal activities
Dar Global Properties L.L.C - UAE (Formerly Dar Al Arkan Properties L.L.C) 100% 100% Commercial license no. 791860 Development and sale of real estate.
Dar Global UK Holdings LTD - United Kingdom 100% 100% Company registration no. 13881707 Development and sale of real estate.
Dar Global UK No. 1 LTD - United Kingdom 100% 100% Company registration no. 14751868 Development and sale of real estate.
Dar Global UK No. 2 LTD - United Kingdom 100% 100% Company registration no. 14751750 Development and sale of real estate.
Dar Global UK No. 3 LTD - United Kingdom 100% 100% Company registration no. 14751915 Development and sale of real estate.
Dar Global UK No. 4 LTD - United Kingdom 100% 100% Company registration no. 14385758 General business activities
Dar Global Spain S.L. - Spain (Formerly Dar Al Arkan Spain S.L.) 100% 100% Company registration no. B09896390 Development and sale of real estate.
Dar Benahavis I, S.L. - Spain 100% 100% Company registration no. B72530843 Development and sale of real estate.
Daranavis S.L. - Spain 100% 100% Company registration no. B72530850 Development and sale of real estate.
1 Legal status and business activities (continued)
1.4 The Company has the following subsidiaries over which it
has direct or indirect control: (continued)
Name of subsidiary and domicile Percentage of effective holding Percentage of voting rights License / Registration No. Principal activities
Dar Tabano, S.L. - Spain 100% 100% Company registration no. B72530835 Development and sale of real estate.
M/s. Prime Real Estate D.o.o Sarajevo - Bosnia 100% 100% Company registration no. 65-01-0672-17 Development and sale of real estate.
M/s. Luxury Real Estate D.o.o. Sarajevo - Bosnia 100% 100% Company registration no. 65-01-0698-17 Development and sale of real estate.
M/s. Dar Al Arkan Property Development D.o.o Sarajevo - Bosnia 100% 100% Company registration no. 65-01-0676-17 Development and sale of real estate.
M/s. Beijing Dar Al Arkan Consulting Co. Ltd. - China 100% 100% Company registration no. 91110105MA7 EQ79Y9Q Development of real estate, consulting services, undertaking exhibition and
design activities.
Dar Global Luxury Property Development L.L.C. SOC - UAE (Formerly Aqtab 100% 100% Commercial license no. 997901 Purchase and sale of real estate
Properties L.L.C)
Dar DG Global Properties L.L.C - UAE 100% 100% Commercial license no. 997919 Purchase and sale of real estate
Dar DG Global Property Development L.L.C - UAE 100% 100% Commercial license no. 997915 Purchase and sale of real estate
DG Luxury Property Management L.L.C - UAE 100% 100% Commercial license no. 1274015 Property management services.
1 Legal status and business activities (continued)
1.4 The Company has the following subsidiaries over which it
has direct or indirect control: (continued)
Name of subsidiary and domicile Percentage of effective holding Percentage of voting rights License / Registration No. Principal activities
Dar Global Real Estate Development LLC OPC - UAE 100% 100% Commercial license no. 59000 Land and real estate purchase and sale, self-owned property management
services, real estate enterprises investment, development, institution and
management.
Dar Global Holdings Limited (ADGM) 100% 100% Commercial license no. 000008662 Proprietary investment and holding/management of companies, Treasury
management and operations, corporate governance,
stakeholder relations.
Dar Global Property Development SPC - Oman (Formerly Dar Al Arkan Property 100% 100% Commercial license no. 1402786 Real estate development, Construction of buildings (general constructions of
Development SPC) residential and non-residential buildings
Dar Global Luxury SPC - Oman 100% 100% Commercial license no. 1540816 Real estate development
Dar Global Development Maldives Private LTD - Maldives 100% 100% Commercial license no. C00212024 Owning, operating and managing tourist hotels and resorts.
Dar DG Global Investment L.L.C - UAE 100% 100% Commercial license no. 1215259 Investment in Commercial Enterprises & Management.
Dar Global Services Limited - United Kingdom 100% 100% Commercial license no. 15273295 Business support including marketing activities.
1 Legal status and business activities (continued)
1.4 The Company has the following subsidiaries over which it
has direct or indirect control: (continued)
Name of subsidiary and domicile Percentage of effective holding Percentage of voting rights License / Registration No. Principal activities
Dar Global Holdings Real Estate - KSA 100% 100% Commercial license no. 1010924907 Development of projects and buying and selling of real estate.
Dar Global Holdings For Investment - KSA 100% 100% Commercial license no. 1009115608 Development of real estate, Buying and selling of real estate, Management and
leasing of residential and non-residential properties, Real estate brokerage.
Dar Global Real Estate Development - KSA* 42% 100% Commercial license no. 7051932700 Development of projects.
Dar Global USA LLC - USA 100% 100% Commercial Investment in Commercial Enterprises & Management.
license no. M23000008667
Dar Global Investment LLC - USA 100% 100% file no. Real estate development and investment.
100250498100
Dar Global Holdings LLC - USA 100% 100% file no. Real estate development and investment.
100250318100
Dar Global Greece M.A.E - Greece 100% 100% Commercial Sale of property.
license no. 175922001000
Dar Global for Real Estate Development W.L.L - Qatar (Formerly Dar Al Arkan 100% 100% Commercial Real estate development
For Real Estate Development W.L.L)
license no.
165584
Dar Global Morocco LLC - Morocco 100% 100% Commercial Acquisition, development and sale of real estate properties, management and
administration of properties
license no.
12673
* This entity became part of the Group on 24 September 2025. The Group owns
42% of the shareholding in Dar Global Real Estate Development - KSA. Although
the ownership interest is 42%, it has been treated as a subsidiary as the
Group has control over this entity, and is exposed to, or has rights to,
variable returns from its involvement with this entity and has the ability to
affect those returns through its power over this entity under the agreement
entered by the shareholders.
2 Material accounting policies
2.1 Statement of compliance
The financial information has been extracted from the Company's statutory
accounts for the years ended 31 December 2024 and 31 December 2025 ("FY25").
This results announcement does not constitute statutory accounts of the Group
within the meaning of Sections 434(3) and 435(3) of the Companies Act 2006.
Statutory accounts for 2024 have been delivered to the Registrar of Companies,
and those for 2025 will be delivered in due course. The financial statements
have been prepared in accordance with UK adopted International Accounting
Standards and in conformity with the requirements of the Companies Act 2006.
The financial statements have been prepared on a going concern basis and
applying consistent accounting policies to those applied by the Group in the
comparative period. The Company will publish its full FY25 Annual Report and
Accounts, including the full text of the auditor's report, in due course. The
auditors' report on the consolidated financial statements was unqualified, did
not draw attention to any matters by way of emphasis without qualifying their
report, and did not contain statements under Section 498(2) or 498(3) of the
Companies Act 2006. This announcement has been prepared in accordance with the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
It does not include all the information required for a full annual financial
report and should be read in conjunction with that report when it is
published.
2.2 Basis of preparation
All values are rounded to the nearest unit in USD, which is Company's
functional currency, except where otherwise indicated. Each entity determines
its own functional currency and items included in the financial statements of
each entity are measured using that functional currency.
The financial statements have been prepared on a historical cost basis.
Historical cost is generally based on the fair value of the consideration
given in exchange for assets.
Basis of consolidation
The financial statements comprise the financial statements of the Company and
the subsidiaries ('the Group'), plus the Group's share of the results and net
assets of its joint ventures.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an
entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns
through its power over the entity. In assessing control, the Group takes into
consideration potential voting rights. The acquisition date is the date on
which control is transferred to the acquirer. The financial statements of
subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases
Non-controlling
interest
Non-controlling interest (NCI) are measured initially at their proportionate
share of the acquiree's identifiable net assets at the date of acquisition.
Changes in the Group's interest in a subsidiary that do not result in a loss
of control are accounted for as equity transactions.
Joint ventures
A joint venture is a contract under which the Group and other parties
undertake an activity or invest in an entity, under joint control. The Group
uses equity accounting for such entities, carrying its investment at cost plus
the movement in the Group's share of net assets after acquisition, less
impairment.
2 Material accounting policies (continued)
2.2 Basis of preparation (continued)
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses
(except for foreign currency transaction gains or losses) arising from
intragroup transactions, are eliminated. Unrealised losses are eliminated in
the same way as unrealised gains, but only to the extent that there is no
evidence of impairment.
Going concern
The Group's forecasts and projections based on the current trends in sales and
development and after taking account of the funds currently held, available
facility including the undrawn facility of USD 265,059,849 at year end
(refer to note 16 and 17) show that the Company and the Group will be able to
operate within the level of resources and will be able to discharge its
liabilities including the mandatory repayment of banking facilities.
The Directors have, at the time of approving the consolidated financial
statements, a reasonable expectation that the Group have adequate resources to
continue in operational existence for the foreseeable future. Thus, they
continue to adopt the going concern basis of accounting in preparing the
consolidated financial statements.
Adoption of new and revised standards
The Group has adopted all relevant amendments to existing standards and
interpretations issued by the International Accounting Standard Board (IASB)
that are effective for the respective financial year ends presented, with no
material impact on its consolidated results or financial position.
The Group did not implement the requirements of any other standards or
interpretations that were in issue but were not required to be adopted.
The preparation of these financial statements requires management to make
judgements, estimates and assumptions that affect the reported amounts.
Further information on key judgements and sources of estimation uncertainty is
disclosed in note 2.22.
2.3 Fair value measurement
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date.
2 Material accounting policies (continued)
2.3 Fair value measurement (continued)
The fair value measurement is based on the presumption that the transaction to
sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability, or
- In the absence of a principal market, in the most advantageous
market for the asset or liability.
The principal or the most advantageous market must be accessible to the Group.
The fair value of an asset or a liability is measured using the assumptions
that market participants would use when pricing the asset or liability,
assuming that market participants act in their best economic interest.
A fair value measurement of a non-financial asset takes into account a market
participant's ability to generate economic benefits by using the asset in its
highest and best use or by selling it to another market participant that would
use the asset in its highest and best use.
2.4 Foreign currency
The transactions in currencies other than the Group's presentation currency
are recognized at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated
in foreign currencies are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are denominated in foreign
currencies are retranslated at the rates prevailing at the date when the fair
value was determined. Non-monetary items that are measured in terms of
historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognized in the consolidated
statement of profit or loss in the period in which they arise.
In preparing the separate financial information of the individual
subsidiaries, the transactions in currencies other than the subsidiaries
functional currency are recognized at the rates of exchange prevailing at the
dates of the transactions. At the end of each reporting period, monetary items
denominated in foreign currencies are retranslated at the rates prevailing at
that date. Non-monetary items carried at fair value that are denominated in
foreign currencies are retranslated at the rates prevailing at the date when
the fair value was determined.
Any gain or loss on translation from functional currency of subsidiaries to
presentation currency of the Group is taken to statement of other
comprehensive income.
Foreign exchange differences
Exchange differences on monetary items are recognized in consolidated
statement of profit or loss in the period in which they arise except for
exchange differences that relate to assets under construction for future
productive use. These are included in the cost of those assets when they are
regarded as an adjustment to interest costs on foreign currency borrowings.
2 Material accounting policies (continued)
2.4 Foreign currency (continued)
Foreign exchange gains and losses
The carrying amount of financial assets that are denominated in a foreign
currency is determined in that foreign currency and translated at the spot
rate at the end of each reporting period. Foreign exchange differences arising
on financial assets measured at amortised cost are recognised in the
consolidated statement of profit or loss.
2.5 Property and equipment
Property and equipment is stated at cost less accumulated depreciation and
identified impairment loss, if any. The cost comprises of purchase price,
together with any incidental expense of acquisition.
Subsequent costs are included in the asset's carrying amount or recognized as
a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. All other repairs and maintenance
expenses are charged to the statement of profit or loss during the financial
period in which they are incurred.
Depreciation is spread over its useful lives so as to write off the cost of
property and equipment, using the straight-line method over its useful lives
as follows:
Assets Life years
Leasehold improvements 3-5
Furniture and fixtures 3-5
Computers and office equipment 3-5
No depreciation is charged on land and capital work-in-progress.
When part of an item of property and equipment have different useful lives,
they are accounted for as separate items (major components) of property and
equipment.
The leasehold improvements are being depreciated over the period from when
they became available for use up to the end of the lease term.
The estimated useful lives, residual values and depreciation method are
reviewed at the end of each reporting period, with the effect of any changes
in estimate accounted for on a prospective basis.
The gain or loss arising on the disposal or retirement of an item of property
and equipment is determined as the difference between the sales proceeds and
the carrying amount of the asset and is recognized in the consolidated
statement of profit or loss.
2 Material accounting policies (continued)
2.6 Leases
Leases are accounted for by recognising a right-of-use asset and a lease
liability except for:
- Leases of low value assets; and
- Leases with a duration of 12 months or less.
Lease liabilities are measured at the present value of the contractual
payments due to the lessor over the lease term, with the discount rate
determined by reference to the rate inherent in the lease unless (as is
typically the case) this is not readily determinable, in which case the
group's incremental borrowing rate on commencement of the lease is used.
Variable lease payments are only included in the measurement of the lease
liability if they depend on an index or rate. In such cases, the initial
measurement of the lease liability assumes the variable element will remain
unchanged throughout the lease term. Other variable lease payments are
expensed in the period to which they relate.
On initial recognition, the carrying value of the lease liability also
includes:
· amounts expected to be payable under any residual value
guarantee;
· the exercise price of any purchase option granted in favour of
the group if it is reasonably certain to assess that option;
· any penalties payable for terminating the lease, if the term of
the lease has been estimated based on termination option being exercised.
Right of use assets are initially measured at the amount of the lease
liability, reduced for any lease incentives received, and increased for:
· lease payments made at or before commencement of the lease;
· initial direct costs incurred; and
· the amount of any provision recognized where the group is
contractually required to dismantle, remove or restore the leased asset.
Subsequent to initial measurement lease liabilities increase as a result of
interest charged at a constant rate on the balance outstanding and are reduced
for lease payments made. Right-of-use assets are amortised on a straight-line
basis over the remaining term of the lease or over the remaining economic life
of the asset if, rarely, this is judged to be shorter than the lease term.
2.7 Development properties
Properties constructed or in the course of construction for sale in the
ordinary course of business are classified as development properties and are
stated at the lower of cost or net realizable value. Cost includes cost of
acquisition of land, cost of construction including planning and design cost,
commission, borrowing costs, employee costs, cost of acquiring development
rights and other direct costs attributable to the development.
Certain portion of land plots, on which the Group's projects are located, is
acquired with minimal upfront cash contributions and certain variable
consideration based on the percentage of profit. The entire projects are
controlled and managed by the Group, which includes development, marketing,
collections etc. The Group applies the liability approach in accounting for
the variable considerations. Under this approach, the Group includes the
fair value of the variable payments in the initial cost of the properties at
the date of acquisition and recognises a corresponding liability equal to the
fair value of the variable payments on initial recognition computed based on a
deferred payment plan as defined in the sale and purchase agreement ("SPA").
In accounting for the liability, the Group follows the principles in IFRS 9.
2 Material accounting policies (continued)
2.7 Development properties (continued)
Net realizable value is the estimated selling price in the ordinary course of
business, based on market prices at the reporting date and discounted for the
time value of money, if material, less costs to completion and the estimated
costs of sale.
The management reviews the carrying values of the development properties on
each reporting date.
2.8 Advances from customers
Advances received from customers include instalments received from customers
for properties sold either before the revenue recognition criteria have been
met or in excess of the project's stage of completion. These funds are later
recognized in the profit or loss statement once the revenue recognition
criteria are satisfied. Additionally, advances from customers may be
derecognized from the books when either the customer or the Group terminates
the contract.
2.9 Asset acquisition
If the Group acquires an asset or a group of assets (including any liabilities
assumed) that does not constitute a business, then the transaction is outside
the scope of IFRS 3 because it cannot meet the definition of a business
combination. Such transactions are accounted for as asset acquisitions in
which the cost of acquisition is generally allocated between the individual
identifiable assets and liabilities in the Group based on their relative fair
values at the date of acquisition. They do not give rise to goodwill or a gain
on a bargain purchase.
The measurement and allocation of cost in an asset acquisition are completed
at the date of recognition of the assets acquired and liabilities assumed, if
there are any.
2.10 Impairment of non-financial assets
Non-financial assets of the Group mainly include development properties,
advances to suppliers and contractors, right-of-use assets and property and
equipment. At the end of each reporting period, the Group reviews the carrying
amounts of its non-financial assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order
to determine the extent of the impairment loss (if any).
Where it is not possible to estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs. Where a reasonable and consistent basis of
allocation can be identified, corporate assets are also allocated to
individual cash-generating units, or otherwise they are allocated to the
smallest group of cash-generating units for which a reasonable and consistent
allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in
use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated
to be less than its carrying amount, the carrying amount of the asset (or
cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognized immediately in the consolidated statement of profit or loss.
2 Material accounting policies (continued)
2.10 Impairment of non-financial assets (continued)
Where an impairment loss subsequently reverses, the carrying amount of the
asset (or cash-generating unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss
been recognized for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognized immediately in the consolidated
statement of profit or loss.
2.11 Financial instruments
Financial assets and financial liabilities are recognized when the Group
becomes a party to the contractual provisions of the instrument.
2.12 Financial assets
Classification
The Group classifies its financial assets at amortized cost.
Measurement
At initial recognition, the Group measures a financial asset at its fair value
plus transaction costs that are directly attributable to the acquisition of
the financial asset.
Financial assets comprise cash and cash equivalents, trade and unbilled
receivables, deposits and other receivables, due from related parties and
escrow retentions.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other
short-term highly liquid investments that are readily convertible to a known
amount of cash and are subject to an insignificant risk of changes in value.
Trade and other receivables (including due from related parties)
Receivable balances that are held to collect are subsequently measured at the
lower of amortized cost or the present value of estimated future cash flows.
The present value of estimated future cash flows is determined through the use
of value adjustments for uncollectible amounts. The Group assesses on a
forward-looking basis the expected credit losses associated with its
receivables and adjusts the value to the expected collectible amounts.
Receivables are written off when they are deemed uncollectible because of
bankruptcy or other forms of receivership of the debtors. The assessment of
expected credit losses on receivables takes into account credit-risk
concentration, collective debt risk based on average historical losses,
specific circumstances such as serious adverse economic conditions in a
specific country or region and other forward-looking information.
For accounts receivable, the Group applies the simplified approach permitted
by IFRS 9, which requires expected lifetime losses to be recognized from
initial recognition of the receivables.
2 Material accounting policies (continued)
2.12 Financial assets (continued)
Derecognition of financial assets
The Group derecognizes a financial asset only when the contractual rights to
the cash flows from the asset expire; or it transfers the financial asset and
substantially all the risks and rewards of ownership of the asset to another
Group. If the Group neither transfers nor retains substantially all the risks
and rewards of ownership and continues to control the transferred asset, the
Group recognizes its retained interest in the asset and an associated
liability for the amounts, it may have to pay. If the Group retains
substantially all the risks and rewards of ownership of a transferred
financial asset, the Group continues to recognize the financial asset.
2.13 Financial liabilities
Financial liabilities are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial
liability. All financial liabilities are recognized initially at fair value
and, in the case of loans, borrowings and payables, net of directly
attributable transaction costs.
The Group's financial liabilities include trade and other payables, retention
payable, bank borrowings, development property liabilities and due to related
parties.
Trade and other payables
Accounts payable are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. Accounts payable
are classified as current liabilities if payment is due within one year or
less (or in the normal operating cycle of the business if longer). If not,
they are presented as non-current liabilities. Accounts and other payables are
recognized initially at fair value and subsequently are measured at amortized
cost using effective interest method.
Bank borrowings
Term loans are initially recognised at the fair value of the consideration
received less directly attributable transaction costs. After initial
recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the effective interest rate method. Gains and losses
are recognised in the consolidated income statement when the liabilities are
derecognised as well as through the amortisation process.
Development property liabilities
Development property liabilities represent the fixed and variable amounts
payable for the acquisition of development properties on a deferred payment
plan basis. Fixed payments payable on deferred payment plan basis, are stated
at cash price equivalent at the recognition date. The difference between the
cash price equivalent and the total payment is recognised as interest over the
period of credit unless such interest qualifies for capitalisation as a
borrowing cost, refer to paragraph 2.17.
The liability approach is used to account for variable payments. Under this
method, the fair value of variable payments is included in the initial cost of
development properties at the acquisition date and a corresponding development
property liability is also recognized. After initial recognition, any changes
in the amortized cost of the financial liability are recorded in profit or
loss, unless the interest qualifies for capitalisation as a borrowing cost.
Subsequently, at each reporting date the development property liabilities are
measured at amortised cost using the effective interest method.
2 Material accounting policies (continued)
2.13 Financial liabilities (continued)
Derecognition of financial liabilities
The Group derecognizes financial liabilities when, and only when, the Group's
obligations are discharged, cancelled or they expire. When an existing
financial liability is replaced by another, from the same lender on
substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new
liability. The difference in the respective carrying amounts is recognized in
the consolidated statement of profit or loss.
2.14 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the
consolidated statement of financial position, when there is a legally
enforceable right to offset the recognized amounts and there is an intention
to settle on a net basis or realize the asset and settle the liability
simultaneously.
2.15 Revenue recognition
Revenue from contracts with customers for development and sale of residential
properties
The Group recognizes revenue from contracts with customers based on a five
step model as set out in IFRS 15 Revenue from contracts with customers.
Step 1. Identify the contract(s) with a customer: A contract is defined as an
agreement between two or more parties that creates enforceable rights and
obligations and sets out the criteria for every contract that must be met.
This is evidenced by issuance of signed Sale and Purchase Agreement ("SPA") to
the customer and for revenue recognition over time, meeting specified
threshold of project completion and collection from the customers.
Step 2. Identify the performance obligations in the contract: A performance
obligation is a promise in a contract with a customer to transfer a good or
service to the customer. The performance obligation for the Group is to
deliver the constructed property to the customers along with the ancillary
rights such as the right to use amenities and other related infrastructure
facilities available. Accordingly, one performance obligation has been
identified for each unit to be sold. The group assesses its revenue
arrangements against specific criteria to determine if it is acting as
principal or agent. The Group has concluded that it is acting as a principal
in all of its revenue arrangements.
Step 3. Determine the transaction price: The transaction price is the amount
of consideration to which the Group expects to be entitled in exchange for
delivering the property to its customers. The agreed transaction price is part
of the signed SPA issued to each customer. Revenue excludes taxes and duty,
and includes an adjustment for a significant financing component ("SFC") where
the payment plan for the projects extends beyond twelve months from the
reporting period. No adjustment has been made for variable consideration as
the group does not have any contracts with variable consideration.
2 Material accounting policies (continued)
2.15 Revenue recognition (continued)
Step 4. Allocate the transaction price to the performance obligations in the
contract: The Group allocates the transaction price to each unit sold,
consistent with the performance obligation identified in Step 2.
Step 5. Recognize revenue when (or as) the entity satisfies a performance
obligation.
The Group satisfies a performance obligation and recognizes revenue over time,
if one of the following criteria is met:
1. The customer simultaneously receives and consumes
the benefits provided by the Group's performance as the Group performs; or
2. The Group's performance creates or enhances an
asset that the customer controls as the asset is created or enhanced; or
3. The Group's performance does not create an asset
with an alternative use to the Group and the entity has an enforceable right
to payment for performance completed to date.
The Group determines the satisfaction of performance obligation separately for
each of its contracts and recognize revenue accordingly.
For performance obligations where one of the above conditions are not met,
revenue is recognised at the point in time at which the performance obligation
is satisfied.
Under the terms of the contracts in the UAE, Oman, Qatar and KSA the Group is
contractually restricted from redirecting the properties to another customer
and has an enforceable right to payment for work done. Therefore, revenue from
construction of residential properties in the UAE, Oman, Qatar and KSA is
recognised over time on an input/cost-to-cost method, i.e. based on the
proportion of contract costs incurred for work performed to date relative to
the estimated total contract costs. The Group considers that this input method
is an appropriate measure of the progress towards complete satisfaction of the
performance obligation under IFRS 15. In respect of the Group's contracts for
development of residential properties in the United Kingdom, the Group has
assessed that the criteria for recording revenue over time is not met and
transfer of control happens only at the time of handover of completed units to
the customers and accordingly the revenue is recognised at the point in time
at which the performance obligation is satisfied.
When the Group satisfies a performance obligation by delivering the promised
goods or services it creates a contract asset based on the amount of
consideration earned by the performance. Where the amount of consideration
received from a customer exceeds the amount of revenue recognized this gives
rise to a contract liability.
Project management service
The Group provides advisory and assisting services relating to management of
construction of properties under long term contracts with customers. The
revenue is measured based on the consideration from customers to which the
Group expects to be entitled in a contract with a customer in an amount that
corresponds directly with the value to the customer of the Group's performance
completed to date.
2 Material accounting policies (continued)
2.15 Cost of revenue
Cost of revenue represent cost for purchase of land, construction costs,
consultant costs, utilities cost, and other related direct costs recognized to
consolidated statement of profit or loss on percentage of completion or point
in time as applicable.
2.16 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or
production of qualifying assets, which are assets that necessarily take a
substantial period of time to get ready for their intended use or sale, are
added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale. Borrowing costs consist of
interest and other costs that the Group incurs in connection with the
borrowing of funds. All other borrowing costs are recognised in the
consolidated statement of profit or loss in the year in which they are
incurred.
2.17 Escrow Accounts
Escrow accounts represent bank accounts where money is held in with the bank,
acting as an escrow agent, and available for use only if all the
pre-determined conditions are fulfilled. The funds paid by customers for their
residential units in off-plan sales are required to be deposited into escrow
accounts held by banks accredited by the local governing bodies.
For escrow retention, in line with Dubai and KSA laws an escrow agent must
retain prescribed per cent of the total value of each escrow account once the
developer obtains the building completion certificate to ensure coverage of
defects in the property post-handover. The retained amount will be released to
the developer one year from the registration of the residential units in the
name of purchasers of such units.
2.19 Equity and reserves
Share capital represents the nominal value of shares that have been issued.
Share premium represents the excess consideration received over the nominal
value of share capital upon the sale of shares, less any incidental costs of
issue.
The retained earnings represent distributable reserves.
The foreign currency translation reserve is used to record exchange difference
arising from translation of the financial statements of foreign subsidiaries,
and joint ventures.
2.20 Taxation
The tax charge represents the sum of the tax currently payable and deferred
tax.
Current tax
Current tax comprises the expected tax payable or receivable on the taxable
income or loss for the year and any adjustment to the tax payable or
receivable in respect of previous years. The amount of current tax payable or
receivable is the best estimate of the tax amount expected to be paid or
received that reflects uncertainty related to income taxes, if any. It is
measured using tax rates enacted or substantively enacted at the reporting
date. Current tax also includes any tax arising from dividends.
2 Material accounting policies (continued)
2.20 Taxation (continued)
Deferred tax
Deferred tax is recognised in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes.
Deferred tax is recognised in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. Deferred tax is not recognised
for:
- temporary differences on the initial recognition of assets
or liabilities in a transaction that:
a) is not a business combination; and
b) at the time of the transaction (i) affects neither accounting nor
taxable profit or loss and (ii) does not give rise to equal taxable and
deductible temporary differences;
- temporary differences related to investments in
subsidiaries, associates and joint arrangements to the extent that the Group
is able to control the timing of the reversal of the temporary differences and
it is probable that they will not reverse in the foreseeable future; and
- taxable temporary differences arising on the initial
recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits
and deductible temporary differences to the extent that it is probable that
future taxable profits will be available against which they can be used.
Future taxable profits are determined based on the reversal of relevant
taxable temporary differences. If the amount of taxable temporary differences
is insufficient to recognise a deferred tax asset in full, then future taxable
profits, adjusted for reversals of existing temporary differences, are
considered, based on the business plans for individual subsidiaries in the
Group. Deferred tax assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the related tax benefit will
be realised; such reductions are reversed when the probability of future
taxable profits improves.
The measurement of deferred tax reflects the tax consequences that would
follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset only if certain criteria are
met.
2.20 Statutory Reserve
According to Article 103 of the UAE Federal Law No. (32) of 2021, 5% of annual
net profits after NCI are allocated to the statutory reserve for the entities
registered in UAE. The transfers to the statutory reserve may be suspended
when the reserve reaches 50% of the paid-up capital.
2.21 Significant accounting judgements, estimates and
assumptions
In the application of the Group's accounting policies, which are described in
policy notes, the management are required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions
are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
2 Material accounting policies (continued)
2.22 Significant accounting judgements, estimates and
assumptions (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
The significant judgments and estimates made by management, that have a
significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are described below.
Critical judgements in applying accounting policies
In the process of applying the Group's accounting policies, which are
described above, and due to the nature of operations, management makes the
following judgments that has the most significant effect on the amounts
recognized in the consolidated financial statements.
Identifying a contract
The Group assesses for each development and for each customer the point in
time at which a contract exists. This requires assessing the point in each
development where there is certainty that it will continue to completion
subject to certain thresholds i.e. development stages ranging from 20% to 30%,
depending on the geography and associated project risks. Development stage is
determined based on construction progress achieved by the main contractor.
Additionally, the Group assesses the point in time at which consideration from
the customer is probable, typically being receipt of 20% of the consideration
together with the legal requirements of the sale and purchase agreement and
the continuing trend of collections indicating the likelihood receipt of
future instalment payments due.
Recognition of revenue over time or at point in time
The Group is required to assess each of its contracts with customers to
determine whether performance obligations are satisfied over time or at a
point in time in order to determine the appropriate method of recognizing
revenue.
The Group has assessed that based on the sale and purchase agreements entered
into with customers for sale of property under development in the UAE, Oman,
Qatar and KSA as well as the relevant laws and regulations, that it does not
create an asset with an alternative use to the Group and has an enforceable
right to payment for performance completed to date. In these circumstances the
Group recognizes revenue over time.
However, for contracts relating to sale of property under development in the
United Kingdom where the above is not applicable, the Group recognizes revenue
at a point in time. In recognizing revenue at a point in time, the Group
considers the point in time at which the customer obtains control of the
asset.
Measurement of progress when revenue is recognized over time
The Group has elected to apply the input method to measure the progress of
performance obligations where revenue is recognized over time. The Group
considers that the use of the input method which requires revenue recognition
on the basis of the Group's efforts to the satisfaction of the performance
obligation provides the best reference of revenue actually earned. In applying
the input method, the Group estimates the cost to complete the projects in
order to determine the amount of revenue to be recognized.
2 Material accounting policies (continued)
2.22 Significant accounting judgements, estimates and assumptions (continued)
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation
uncertainty at the reporting date, that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are discussed below.
Significant financing component
In jurisdictions where the Group recognizes revenue over time, unbilled
revenue for customers with expected collections beyond one year is discounted
at the prevailing market interest rate. The transaction price for these
contracts is adjusted using the rate that would have been applied if a
separate financing agreement had been made between the Group and the customer
at the contract's inception, usually matching the market rate at that time.
The Group has used discount rates ranging from 6% to 8.5%.
In jurisdictions where the Group acquires development properties on a deferred
payment plan with expected payments beyond one year are discounted at the
Group's incremental borrowing rate. The transaction price for these
acquisitions is adjusted using the borrowing rate, typically the rate that
would have been applied if a separate financing agreement had been made
between the Group and the seller at the contract's inception. The Group has
used discount rates ranging from 6% to 7.05%.
Cost to complete the projects
The Group estimates the cost to complete the projects in order to determine
the cost attributable to revenue being recognized. These estimates include the
cost of providing infrastructure, potential claims by contractors as evaluated
by the project consultant and the cost of meeting other contractual
obligations to the customers.
The Group has conducted sensitivity analysis on the total budgeted cost for
its ongoing projects eligible for revenue recognition. Based on sensitivity
analysis, a 5% increase in total budgeted cost will lead to 7.92% (2024: 10%)
decrease in gross revenue, whilst a decrease in total budgeted cost by 5% will
lead to 8.75% (2024: 12%) increase in gross revenue.
The Group has entered into arrangements to acquire land where there is a
development profit share element to the acquisition price as contingent
consideration. The Group estimates the contingent consideration payable to the
seller. In order to determine the contingent consideration, the Group
estimates the total sales price, the total cost of development properties
including potential claims by contractors and the estimated cost of meeting
other contractual obligations.
The overall profitability of the projects can be affected due to change in
total budgeted cost. These fluctuations in profit will, in turn, have an
impact on the contingent consideration payable. Since the contingent
consideration is tied to the profitability of the projects, any significant
changes in the budgeted costs may directly influence the amount of contingent
consideration owed.
3 New standards and amendments
3.1 New standards and amendments applicable for 2025
The following standards and amendments apply for the first time to the
financial reporting periods commencing on or after January 01, 2025.
- Lack of Exchangeability - Amendments to IAS 21
The management believes that the adoption of the above amendments effective
for the current accounting period has not had any material impact on the
recognition, measurement, presentation, and disclosure of items in the
consolidated financial statements.
3.2 New standards and amendments issued but not effective
for the current year
The following standards and interpretations had been issued but not yet
mandatory for annual periods beginning after 1 January 2025.
Description Effective for annual periods beginning on or after
Classification and Measurement of Financial Instruments - Amendments to IFRS 9 January 1, 2026
and IFRS 7
Annual Improvement to IFRS Accounting Standards - Volume 11
January 1, 2026
IFRS 18 Presentation and Disclosure in Financial Statements* January 1, 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures January 1, 2027
Sale or Contribution of Assets between an investor and its Associate or Joint Effective date
Venture - IFRS 10 and IAS 28
deferred indefinitely
* The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements
in April 2024. IFRS 18 aims to improve how companies communicate in their
financial statements, with a focus on information about financial performance
in the statement of profit or loss. IFRS 18 is accompanied by limited
amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is
effective from 1 January 2027. IFRS 18 replaces IAS 1 Presentation of
Financial Statements and will affect the presentation and disclosure of
financial performance in the Group's consolidated financial statements when
adopted.
The adoption of these new standards will have no material impact on the
financial statements in the period of initial application, except for IFRS 18
where management are assessing the impact.
4 Segment Information
Management monitors the operating results of its business segments separately
for the purpose of making decisions about resource allocation and performance
assessment. Segment performance is evaluated based on operating profit or loss
and is measured consistently with operating profit or loss in the consolidated
financial statements. The only segment is real estate development,
accordingly, the component parts of the revenue, profits or assets as
disclosed in the notes to the consolidated financial statement pertain to this
segment.
Business segment
The only business segment is Real estate development which represents 100% of
the revenue and total assets.
Geographic segments
The following tables include revenue and other segment information for the
years ended 31 December 2025 and 31 December 2024. Certain assets information
for geographic segments is presented as at 31 December 2025 and 31 December
2024.
The Group has divided its operations into two categories i.e. Domestic (UK)
and International (all other countries where Group has its operations).
Domestic International
USD USD
For the year ended December 31, 2025:
Revenue 6,070,509 532,547,125
Cost of revenue (5,080,910) (343,834,604)
Other income 108,477 24,015,149
Selling and marketing expenses (161,472) (33,750,530)
General and administrative expenses (7,451,086) (51,916,416)
Finance income 69,366 17,049,681
Finance costs (1,452,543) (23,457,809)
Income tax (expense)/ credit 421,161 (12,391,035)
Profit/(loss) for the year (7,476,498) 108,261,561
For the year ended December 31, 2024:
Revenue 5,133,207 235,197,186
Cost of revenue (4,175,127) (148,771,526)
Other income 36,518 2,291,754
Selling and marketing expenses (426,071) (26,919,903)
General and administrative expenses (6,803,688) (30,887,831)
Finance income 563,002 11,127,271
Finance costs (41,797) (22,938,186)
Income tax (expense)/ credit 1,256,482 (452,792)
Profit/(loss) for the year (3,732,794) 18,645,971
As at December 31, 2025
Total assets 31,801,257 2,030,815,130
Total liabilities 309,054,673 1,169,182,943
As at December 31, 2024
Total assets 29,179,639 1,412,240,315
Total liabilities 235,150,383 727,816,082
4 Segment Information (continued)
a) The major geographical areas of total assets and
revenue under "International" sub-segment are given below:
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Total Assets
UAE 1,208,064,049 959,149,463
Qatar 164,289,736 99,514,428
Oman 183,581,337 145,792,264
KSA 347,913,903 117,930,811
Other countries 126,966,105 89,853,349
----------------- ---------------
2,030,815,130 1,412,240,315
========== =========
Revenue
UAE 212,243,321 156,382,028
Qatar 75,792,270 37,338,548
Oman 86,258,076 39,876,610
KSA 158,253,458 1,600,000
--------------- ---------------
532,547,125 235,197,186
========= =========
5 Cash and cash equivalents
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Cash in hand 230,286 81,076
Cash at bank
- - Current accounts 38,701,392 32,606,307
- - Escrow retention accounts (refer to (a) below) 33,520,147 10,774,653
- - Escrow accounts (refer to (b) below) 584,561,506 260,680,858
- - Demand deposit (refer to (c) below) 44,552,985 120,257,164
---------------- ----------------
701,566,316 424,400,058
Less: Escrow retention accounts (refer to note 9) (33,520,147) (10,774,653)
---------------- ---------------
668,046,169 413,625,405
========= =========
a) The above represents Escrow retention accounts
maintained with commercial banks in accordance with the local laws issued by
the governing body in UAE and KSA. The retention balances shall be released
after one year from the completion of the project and therefore do not meet
cash and cash equivalents criteria and are therefore presented separately as
escrow retentions.
5 Cash and cash equivalents (continued)
b) The above represents Escrow accounts maintained with
a commercial bank in accordance with the local laws issued by the governing
body of the respective countries. This escrow account can be used for making
payments directly related to the projects subject to the regulations and
therefore meets the cash and cash equivalents criteria. The significant
increase in the balances during the period is mainly due to collections from
customers as per the payment plan.
c) The above represents a deposit held with one of its
related parties (refer to note 17), a financial services company in KSA, for a
period of one to three years at an interest rate of 7.80% per annum. This
deposit is repayable on demand without any penalty on early maturity.
Management has concluded that the Expected Credit Loss (ECL) for all bank
balances is immaterial as these balances are held with banks/financial
institutions that are assessed as having low credit risk by international
rating agencies.
6 Trade and unbilled receivables
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Unbilled receivables (refer to (a) below) 301,859,668 244,363,889
Trade receivables (refer to (b) below) 49,891,426 32,974,917
---------------- ----------------
351,751,094 277,338,806
Less: Provision for impairment on trade receivables - -
---------------- ----------------
Net receivables 351,751,094 277,338,806
========= =========
Not more than 12 months 204,000,287 174,545,102
More than 12 months 147,750,807 102,793,704
---------------- ---------------
351,751,094 277,338,806
========= =========
a) Unbilled receivables are contract assets which relate
to the Group's right to receive consideration for work completed but not
billed as at the reporting date. These are transferred to trade receivables
when invoiced as per milestones agreed in contracts with the customers.
b) At reporting date, the ageing analysis of net trade
and unbilled receivables is as follows:
As at December As at December
31, 2025 31, 2024
---------------- ---------------
Current (Not past due) 301,859,668 244,363,889
Not more than 90 days 19,475,815 21,034,872
Between 91 to 180 days 7,073,276 4,450,299
Between 181 to 360 days 14,416,637 2,695,093
More than 360 days 8,925,698 4,794,653
--------------- ---------------
Total 351,751,094 277,338,806
========= =========
6 Trade and unbilled receivables (continued)
Refer note 29(d) on credit risks of trade and unbilled receivables, which
explains how the Group manages and measures credit quality of trade and
unbilled receivables.
7 Advances, deposits and other receivables
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Prepayments (refer to (a) below) 105,947,870 57,360,824
Advances to suppliers and contractors 45,484,529 47,211,940
Margin deposit (refer to (b) below) 10,805,572 3,546,942
Other deposits (refer to (c) below) 6,663,978 6,296,603
Other receivables 2,720,028 2,710,003
VAT refundable 13,773,677 2,648,275
--------------- --------------
185,395,654 119,774,587
========= ========
Not more than 12 months 174,590,082 116,227,645
More than 12 months 10,805,572 3,546,942
--------------- --------------
185,395,654 119,774,587
========= ========
a) The above mainly includes incremental cost of
obtaining a contract such as sales commission paid to brokers and employees
for the sale of properties amounting to USD 101,090,040 (2024: USD 50,590,518)
and will be amortized consistent with the pattern of revenue in the future.
b) The above represents margin deposits held with a bank against project
guarantee (refer to note 31). The credit risk on these deposits is limited
because the counterparties are banks with high credit-ratings assigned by
international credit-rating agencies.
c) The above mainly includes a deposit of USD 5,043,187 (AED
18,521,104) with Dubai Land Department related to escrow retentions for one of
the projects in UAE. The credit risk on this deposit is limited because the
counterparty is a government body.
8 Development properties
As at December As at December
31, 2025 31, 2024
--------------- ---------------
Balance at the beginning of the year 586,415,420 216,931,211
Additions during the year 501,941,617 444,612,109
Borrowing cost capitalised during the year 30,538,053 9,737,993
Recognised as part of asset acquisition - 67,240,828
Reclass from property and equipment (refer to note 10) - 839,932
Cost of revenue (335,783,432) (152,946,653)
----------------- ---------------
Balance at the end of the year 783,111,658 586,415,420
========= =========
Properties acquired, constructed or in the course of construction for sale in
the ordinary course of business are classified as development properties and
include the costs of:
· Freehold and leasehold rights for land;
· Amounts paid to contractors for construction including the cost
of construction of infrastructure; and
· Planning and design costs, costs of site preparation,
professional fees for legal services, property transfer taxes, borrowing
costs, employee costs, cost of acquiring development rights, construction
overheads and other related costs.
Common overhead cost (directly attributable to the projects) is allocated to
various projects and forms part of the estimated cost to complete a project in
order to determine the cost attributable to revenue being recognised.
The Group assesses the net realizable value of development properties for
impairment on each reporting date and the management believes that the net
realizable value of the above development properties is higher than its
carrying value as on the reporting date.
Development properties in the UAE, Qatar, Oman and KSA include land acquired
with minimal upfront cash contributions and variable consideration. On initial
recognition these properties have been recognized at the fair value of the
consideration payable computed based on a deferred payment plan as defined in
the sale and purchase agreement ("SPA") (note 15). Under this arrangement, the
variable contribution from the development profits is as follows: 62.5% for
land in KSA, 50% for lands in the UAE, 30% for land in Qatar, and 20% for land
in Oman.
Development properties with mortgage value of USD 113,785,025 (December 2024:
USD 113,785,025) is registered as primary mortgage in the favour of commercial
banks against the borrowings (note 16).
The development properties are located in UAE, United Kingdom, Spain, Bosnia,
Oman, Qatar and KSA.
9 Escrow retentions
As at December As at December
31, 2025 31, 2024
--------------- ---------------
More than 12 months (note 5) 33,520,147 10,774,653
======== ========
10 Property and equipment
Land Leasehold improvements Furniture and fixtures Computers and office equipment Capital work-in-progress Total
Cost
As at January 1, 2024 - 1,645,946 1,432,920 2,547,863 908,615 6,535,344
Additions 16,294,400 95,347 47,701 1,711,642 - 18,149,090
Recognised as part of asset acquisition - 1,364,725 5,240 87,489 - 1,457,454
Transfer from Capital work-in-progress - - - 68,683 (68,683) -
Reclass from development properties - - - - (839,932) (839,932)
Disposal - - (192,166) (279,125) - (471,291)
Translation adjustments (303,821) (6,676) (23,676) (8,262) - (342,435)
-------------- ---------- ------------ ------------ ------------ ------------
As at December 31, 2024 15,990,579 3,099,342 1,270,019 4,128,290 - 24,488,230
-------------- ---------- ------------ ------------ ----------- ------------
As at January 1, 2025 15,990,579 3,099,342 1,270,019 4,128,290 - 24,488,230
Additions 2,114,528 946,684 94,392 2,485,318 145,157 5,786,079
Disposal - - - (1,219) - (1,219)
Translation adjustments 303,821 25,355 78,916 36,043 - 444,135
------------- ------------ ------------ ------------ ---------- -------------
As at December 31, 2025 18,408,928 4,071,381 1,443,327 6,648,432 145,157 30,717,225
------------- ------------ ------------ ------------ ---------- -------------
Accumulated depreciation
As at January 1, 2024 - 192,693 273,881 532,721 - 999,295
Charge for the year - 715,587 358,293 948,308 - 2,022,188
Disposal - - (190,004) (220,905) - (410,909)
Translation adjustments - (4,880) (7,145) (7,982) - (20,007)
---- ---------- ---------- ---------- ------------ ------------
As at December 31, 2024 - 903,400 435,025 1,252,142 - 2,590,567
---- ---------- ---------- ---------- ------------ ------------
As at January 1, 2025 - 903,400 435,025 1,252,142 - 2,590,567
Charge for the year - 1,210,845 269,596 1,540,257 - 3,020,698
Disposal - - - - - -
Translation adjustments - 22,538 26,557 19,322 - 68,417
---- ------------ ---------- ------------ ------------ ------------
As at December 31, 2025 - 2,136,783 731,178 2,811,721 - 5,679,682
---- ------------ ---------- ------------ ------------ ------------
Carrying value as
As at December 31, 2025 18,408,928 1,934,598 712,149 3,836,711 145,157 25,037,543
======== ====== ====== ====== ======= =======
As at December 31, 2024 15,990,579 2,195,942 834,994 2,876,148 - 21,897,663
======== ====== ====== ====== ======= =======
The addition in land during the previous year pertains to the acquisition of
land in the Maldives, along with associated costs. The Group's intention is to
develop and operate a hotel on this newly acquired land.
11 Right-of-use assets and Lease liabilities
The Group primarily leased office spaces, with lease term typically spanning 3
to 7 years. The carrying amounts of the Group's right-of-use assets and lease
liabilities and the movements during the year:
Right-of-use assets As at December As at December
31, 2025 31, 2024
---------------- ----------------
Balance at the beginning of the year 4,133,177 5,538,638
Additions during the year 2,424,500 -
Recognised as part of asset acquisition - 1,175,633
Depreciation charge for the year (2,777,394) (2,508,060)
Translation adjustments 66,602 (73,034)
-------------- --------------
Balance at the end of the year 3,846,885 4,133,177
======== ========
Lease liabilities As at December As at December
31, 2025 31, 2024
---------------- ----------------
Balance at the beginning of the year 4,114,862 5,944,562
Additions during the year 2,424,500 -
Recognised as part of asset acquisition - 1,217,570
Interest expense for the year 324,226 314,936
Payments for the year (3,291,926) (3,246,799)
Translation adjustments 62,829 (115,407)
------------ ------------
Balance at the end of the year 3,634,491 4,114,862
======= =======
Not more than 12 months 1,343,403 2,797,673
More than 12 months 2,291,088 1,317,189
------------ ------------
3,634,491 4,114,862
======= =======
One of the Group's existing leases relating to premises in the UAE was renewed
for an additional three-year term subsequent to the reporting date.
12 Trade and other payables
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Trade payables 15,084,502 8,902,807
Accruals (refer to (i) below) 110,524,320 76,112,307
--------------- --------------
125,608,822 85,015,114
========= ========
12 Trade and other payables (continued)
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Not more than 12 months 125,608,822 85,015,114
More than 12 months - -
--------------- -------------
125,608,822 85,015,114
========= ========
i. This mainly includes tax payable and accruals for project
related expenses and sales commission.
13 Advances from customers
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Balance at the beginning of the year 180,027,547 57,523,290
Additions during the year 729,282,801 266,877,110
Revenue recognized during the year (449,200,142) (180,098,407)
Recognised as part of asset acquisition - 37,642,242
Income from termination of units (refer to note 22) (623,308) (1,916,688)
--------------- --------------
Balance at the end of the year 459,486,898 180,027,547
========= ========
The above represent contractual liabilities arising from the SPA with the
customers including advance consideration received from them.
The aggregate amount of the sale price allocated to the performance
obligations of the Group that are fully or partially unsatisfied as at 31
December 2025 is USD 554,154,872 (31 December 2024: USD 219,557,394). The
Group expects to recognise these unsatisfied performance obligations as
revenue over a period of 1 to 5 years.
14 Retention payable
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Retention payable for construction works - not more than 12 months 1,226,085 4,811,952
Retention payable for construction works - more than 12 months 18,100,290 4,818,095
-------------- ------------
19,326,375 9,630,047
======== =======
15 Development property liabilities
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Balance at the beginning of the year 254,747,426 78,631,324
Additions during the year 170,255,433 172,348,724
Remeasurement of variable profit-linked component (note (i) below) 25,409,198 -
Interest cost on unwinding of discount 19,760,803 10,822,408
Impact of modification of terms (note (ii) below) (14,388,497) -
Payments for the year (43,642,608) (7,055,030)
--------------- ---------------
412,141,755 254,747,426
========= =========
Not more than 12 months 134,736,665 135,545,451
More than 12 months 277,405,090 119,201,975
--------------- --------------
412,141,755 254,747,426
========= ========
(i) This relates to an increase in the liability arising
from remeasurement of the variable component based on revised expected cash
flows.
(ii) During the year, the terms of one of the financial
liabilities were renegotiated. As the modification resulted in different
terms, the original financial liability was derecognised and a new financial
liability was recognised at fair value, with the resulting liability
forgiveness of USD 10,987,066 recognised in other income (refer to note 22).
In addition, an extension of a deferred payment plan resulted in a gain of USD
3,401,431, which was recognised as finance income (refer to note 25).
The above represents amount payable for the land acquired, including USD
13,752,541 payable to one of the related parties. These liabilities are
secured against development properties (note 8). The properties have been
purchased on a deferred payment plan with the final instalment due on the
completion of the projects. The above liabilities have been discounted at a
rate of 6% to 7.05%.
16 Bank borrowings
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Balance at the beginning of the year 208,809,790 128,019,785
Add: Drawdown during the year 5,602,989 147,882,072
Less: Repayments during the year (44,040,113) (67,092,067)
Translation adjustment 752,375 -
---------------- ---------------
Total borrowings 171,125,041 208,809,790
Less:- Unamortised cost (2,055,072) (3,316,765)
--------------- ---------------
169,069,969 205,493,025
========= =========
16 Bank borrowings (continued)
Bank borrowings maturity profile: As at December As at December
31, 2025 31, 2024
---------------- ----------------
Not more than 12 months 65,954,252 16,337,646
More than 12 months 103,115,717 189,155,379
--------------- ---------------
169,069,969 205,493,025
========= =========
The Group has following secured interest-bearing borrowings:
(i) During the year, the Group obtained financing facility of
USD 44,213,600 (OMR 17,000,000) from a commercial bank in Oman. This facility
carries interest at 6.60% per annum for the period of first anniversary from
the utilization date. Thereafter, the interest rate will be revised to the
Central Bank of Oman's base rate plus a margin of 2.3% per annum. This
facility is repayable by December 2028.
During the year, the Group drew down USD 455,455 (OMR 175,121). The amount of
undrawn facility as at 31 December 2025 is USD 43,758,145 (OMR 16,824,879).
(ii) On 28 May 2025, the Group obtained financing facility of USD
18,585,540 (EUR 15,800,000) from a commercial bank in Spain. This facility
carries interest at 12 months EURIBOR rate plus 2.65% per annum and is
repayable by May 2030.
During the year, the Group drew down USD 1,176 (EUR 1,000). The amount of
undrawn facility as at 31 December 2025 is USD 18,584,364 (EUR 15,799,000).
(iii) On 17 May 2024, the Group obtained financing facility of USD
19,625,358 (GBP 14,547,000) from a commercial bank in London. This facility
carries interest at SONIA rate plus 2.25% per annum and is repayable by May
2026.
During the year, the Group has not drawn down on its available facility. The
amount of undrawn facility as at 31 December 2025 is USD 8,663,920 (GBP
6,422,000).
(iv) On 26 May 2023, the Group obtained financing facility of USD
204,220,558 (AED 750,000,000) from a commercial bank in UAE. The facility is
repayable in half-yearly instalments, with the final payment due at maturity
in May 2027. The facility carries an interest rate of 3 months EIBOR plus
2.30% per annum.
During the year, the Group has not drawn down anything from this facility.
(v) During the year 2022, the Group entered into a financing
facility with a commercial bank in UAE for an amount of USD 87,134,105 (AED
320,000,000). This facility carries interest at 3 months EIBOR plus 2.55% per
annum and is repayable by November 2027.
During the year, the Group has drawn USD 5,146,358 (AED 18,900,000).
16 Bank borrowings (continued)
The Group has provided the following security arrangements in relation to
above-mentioned borrowings:
- Loans (i), (ii), and (iii) are secured against project receivables and
development properties located in their respective jurisdictions.
- Loan (iv) is secured by receivables from certain UAE-based projects,
along with a corporate guarantee provided by the Ultimate parent company of
the Major shareholder.
- Loan (v) is secured by development property in the UAE, along with a
corporate guarantee provided by the Ultimate parent company of the Major
shareholder.
17 Related party transactions
The Group enters into transactions with other entities that fall within the
definition of a related party as contained in IAS 24, Related party
disclosures. Related parties comprise entities under common ownership and/or
common management and control; their partners and key management personnel.
a) Due from related parties
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Entity under common control
Compass Project For Contracting LLC, UAE 924,297 1,600,000
Quara Holding, UAE 5,147,201 15
Al Tilal Housing Company, KSA 405,275 -
------------- ------------
6,476,773 1,600,015
======== =======
These balances are unsecured, interest free and repayable on demand.
b) Loan from a related party
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Major shareholder
Dar Al Arkan Global Investment LLC, UAE 284,401,240 219,706,697
========= =========
Movement for the year:
Opening 226,576,921 -
Add: Drawdown during the year 69,369,659 226,576,921
Less: Repayments during the year (152,359) -
========= =========
Total Borrowings 295,794,221 226,576,921
Less:- Unamortised cost (11,392,981) (6,870,224)
---------------- ----------------
284,401,240 219,706,697
========= =========
17 Related party transactions (continued)
b) Loan from a related party (continued)
On 1 September 2024, the Group secured a financing facility of USD 325,000,000
from its Major shareholder. During the year, certain terms of the loan were
modified which includes increasing the facility amount from USD 325,000,000 to
USD 490,000,000; decrease in interest rate from EIBOR/SOFR plus 2.95% to 2.5%;
and extending repayment period from January 2028 to January 2029. Management
assessed that the terms of loan are not considered to have been substantially
modified.
During the year, the Group has drawn USD 69,369,659 (2024: USD 226,576,921).
During the year, the Group repaid an amount of USD 152,359. The amount of
undrawn facility as at 31 December 2025 stands at USD 194,053,420.
c) Due to related parties
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Major shareholder
Dar Al Arkan Global Investment LLC, UAE 2,691,809 2,804,659
Ultimate parent company of major shareholder
Dar Al Arkan Real Estate Development Company, KSA - 56,361
------------ ------------
2,691,809 2,861,020
======= =======
These balances are unsecured, interest free and are repayable on demand.
d) Transactions with key management personnel
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Short term benefits 3,229,201 2,590,752
Employees' end-of-service benefits 409,855 288,204
Board of directors' fees 959,828 927,373
------------ ------------
4,598,884 3,806,329
======= =======
e) Other related party transactions
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Loan (repaid)/received
Major shareholder 69,369,659 226,576,921
Major shareholder (152,359) -
Loan repayment/(provided)
Joint venture - 2,150,987
17 Related party transactions (continued)
e) Other related party transactions (continued)
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Deposit (withdrawn) / addition
Entity under common control (48,453,064) 25,663,170
Capitalization of borrowing cost
Major shareholder 16,589,497 2,578,875
Unamortised cost related to loan
Major shareholder (6,689,845) (7,798,634)
Acquisition of assets
Ultimate parent company of the major shareholder - 201,923
Share of profit
Joint venture - 704,640
Gain on disposal
Joint venture - 20,038
Interest income
Joint venture - 431,267
Revenue
Entity under common control of Ultimate parent company of Major shareholder 9,600,000 1,600,000
Other income
Entity under common control of Ultimate parent company of Major shareholder 7,284,970 1,450,321
Major shareholder - 1,000,000
Development properties
Entity under common control of Ultimate parent company of Major shareholder (56,295,676) -
Deferred sales commission
Entity under common control of Ultimate parent company of Major shareholder (1,024,640) -
General and administrative expenses
Entity under common control of Ultimate parent company of Major shareholder (64,794) -
17 Related party transactions (continued)
e) Other related party transactions (continued)
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Selling and marketing expenses
Entity under common control of Ultimate parent company of Major shareholder (523,416) -
Net finance (costs)/income
Entity under common control 5,232,342 -
Major shareholder (1,417,396) -
During the year 2023, the Group entered into revolving credit agreement of USD
200 million with the Ultimate parent company of the Major shareholder to
finance the general corporate purposes of the Group. The amount is fully
undrawn as at 31 December 2025 and the terms and conditions of any drawdown
will be agreed when they occur.
18 Income taxes
Tax expense represents the sum of current income tax and deferred tax.
Current income tax is measured at the amount expected to be paid to the
taxation authorities.
The Group recognizes deferred tax assets only to the extent that it is
probable that future taxable profit will be available against which the
carried forward tax losses and the deductible temporary differences can be
utilised. Some tax losses remain unrecognized due to uncertainty in
recoverability.
Deferred tax assets and liabilities are measured on an undiscounted basis at
the tax rates that are expected to apply when the asset is realised or the
liability is settled, based on tax rates and tax laws enacted or substantively
enacted at the balance sheet date.
The total tax expense for the year are as follows:
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Current tax expense 11,315,323 2,861,638
Deferred tax expense/ (credit) 654,551 (3,665,328)
------------ ------------
Total expense for the year 11,969,874 (803,690)
======== =======
18 Income taxes (continued)
Deferred tax
The movements of deferred tax assets and liabilities are as follows.
Deferred Deferred tax liability
tax asset
---------------- ----------------
31 December 2025
Tax losses carried forward 781,369 -
Other temporary differences - (126,818)
--------------- --------------
Total 781,369 (126,818)
====== =======
Deferred Deferred tax liability
tax asset
---------------- ----------------
31 December 2024
Tax losses carried forward (3,879,487) -
Other temporary differences - 214,159
--------------- -----------
Total (3,879,487) 214,159
======== ======
Reconciliation of effective tax
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Profit before tax 112,754,937 14,109,487
Tax at UK statutory rate (25%) 28,188,734 3,527,372
Effect of different tax rates in overseas jurisdictions (13,879,169) (3,774,270)
Recognition of previously unrecognised tax losses (1,117,725) (1,721,315)
Withholding taxes 895,340 942,007
Non-deductible expenses 207,118 135,065
Current year losses for which no deferred tax asset is recognised 467,834 142,190
Tax impact on transfer of group losses - 90,601
Tax impact in respect of transitional provisions* (2,758,274) -
Other reconciling items (33,984) (145,340)
-------------- -------------
Total tax expense 11,969,874 (803,690)
======== ========
Effective tax rate (ETR) 10.62% -5.70%
The Company's effective tax rate for the year is 10.62%, compared to -5.70% in
the 2024. The increase in the effective tax rate is primarily driven by the
generation of taxable profits across the Group's operating jurisdictions,
including Oman, the United Arab Emirates, Qatar, and the Kingdom of Saudi
Arabia.
18 Income taxes (continued)
*During the year, the Group revised its estimate of income tax provision
relating to the prior year, following clarifications issued by the UAE Federal
Tax Authority regarding the application of the valuation method under the
transitional rules prescribed in Ministerial Decision No. 120 of 2023 on the
disposal of qualifying immovable property by real estate developers. The
clarification resulted in a reduction in the income tax expense previously
recognised for the prior year.
Global Minimum Top-up Tax
The OECD's Pillar II global minimum tax, based on the Global Anti-Base Erosion
(GloBE) Model Rules, is not expected to have an impact on the Group, as the
Group's total revenue is less than Euro 750 million.
19 Share capital
As at December 31, 2025 As at December 31, 2024
Ordinary shares Number Amount Number Amount
Called up and fully paid-up share capital
Balance as on 180,021,612 1,800,216 180,021,612 1,800,216
--------------- -------------- --------------- --------------
180,021,612 1,800,216 180,021,612 1,800,216
========= ======== ========= ========
20 Share premium
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Share premium 88,781,078 88,781,078
-------------- --------------
88,781,078 88,781,078
======== ========
21 Revenue
December 31, December 31,
2025 2024
---------------- ----------------
Revenue is recognised over time as provided below:
Sale of residential units 506,436,445 233,597,186
Project management service 9,600,000 1,600,000
Revenue is recognised point in time as provided below:
Sale of residential units 22,581,189 5,133,207
--------------- --------------
538,617,634 240,330,393
========= =========
21 Revenue (continued)
Cost of revenue
Cost of residential units (348,915,514) (152,946,653)
========== ==========
Revenue from sale of residential units is net of discount against transaction
prices for certain units sold with a significant financing component amounting
to USD 7,724,211 (2024: USD 4,652,862).
Change in estimate
During the current year, management has refined the cost to complete of
certain projects resulting in an increase in the total budget developments
costs as a result of specification enhancements. The Group uses the input cost
method to measure recognition of revenue over time, the effect of this change
in estimate of costs to complete results in lower gross revenue being
recognised in the current year amounting to USD 23.4 million (2024: USD 12.5
million). Total revenue over the life of the projects remains unchanged, as
the changes relate solely to revised estimates of costs to complete.
22 Other income
December 31, December 31,
2025 2024
------------------ -----------------
Support services (note (a) below) 7,602,646 2,450,321
Income from termination of units (note (b) below) 623,308 1,916,688
Foreign exchange gain / (loss) 4,910,606 (2,045,484)
Others (note (c) below) 10,987,066 6,747
-------------- ------------
24,123,626 2,328,272
======== =======
(a) This represents income related to sales, general and advisory support
services provided to the related parties (refer to note 17).
(b) This represents instalments collected from customers that have been
forfeited due to termination of contracts on account of cancellation of units
booked.
(c) During the year, the terms of one of the financial liabilities were
renegotiated. As the modification resulted in different terms, the original
financial liability was derecognised and a new financial liability was
recognised at fair value, with the resulting partial liability forgiveness of
USD 10,987,066 recognised in other income (refer to note 15).
23 Selling and marketing expenses
December 31, December 31,
2025 2024
------------------ -----------------
Sales commission 26,611,255 17,302,442
Marketing expenses 7,300,747 10,043,532
-------------- --------------
33,912,002 27,345,974
======== ========
24 General and administrative expenses
December 31, December 31,
2025 2024
-------------------- -------------------
Salaries and related benefits 37,083,973 22,665,169
Legal and professional expenses 7,026,480 3,637,197
Depreciation on property and equipment (refer to note 10) 3,020,698 2,022,188
Depreciation on right-of-use assets (refer to note 11) 2,777,394 2,508,060
IT related expenses 2,503,984 1,594,043
Bank charges 1,555,549 584,975
Board of Directors fees 959,828 927,373
Utilities 890,151 758,051
Travelling expenses 808,721 665,190
Value added tax expense 284,747 128,451
Rent 235,034 61,827
Other expenses 2,220,943 2,138,995
-------------- --------------
59,367,502 37,691,519
======== ========
25 Net finance costs/(income)
December 31, December 31,
2025 2024
---------------- ----------------
Finance costs
Interest expense on bank borrowings 13,603,592 15,817,177
Interest expense on unwinding of discount on long term liability 9,565,138 6,847,870
Interest expense on intercompany loan 1,417,396 -
Interest on lease liability (refer to note 11) 324,226 314,936
------------- ------------
24,910,352 22,979,983
======== =======
Finance income
Interest income (13,717,616) (11,259,006)
Income on extension of long-term liability (refer to note 15) (3,401,431) -
Income from investment in bonds of joint venture - (431,267)
--------------- --------------
(17,119,047) (11,690,273)
========= ========
Net finance costs 7,791,305 11,289,710
======== ========
26 Earnings Per Share
Basic earnings per share amounts are calculated by dividing net profit or loss
for the year attributable to the owners of the Company by the weighted average
number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the net profit
or loss attributable to the owners of the Company by the weighted average
number of ordinary shares outstanding during the year plus the weighted
average number of ordinary shares that would be issued on conversion of all
the dilutive potential ordinary shares into ordinary shares. The company has
no dilutive instruments in issue.
The information necessary to calculate basic and diluted earnings per share is
as follows:
December 31, December 31,
2025 2024
---------------- ----------------
Earnings:
Profit attributable to the owners of the Company for basic/ diluted earnings 100,786,467 14,913,177
========= ========
Number of shares
Weighted-average number of ordinary shares for basic/diluted earnings per 180,021,612 180,021,612
share
========= =========
Earnings per share:
- Basic and diluted earnings per share (USD) 0.56 0.08
==== ====
27 Financial instruments
a) Material accounting policies
Details of the material accounting policies and methods adopted, including the
criteria for recognition, the basis of measurement and the basis on which
income and expenses are recognized, in respect of each class of financial
asset and financial liability are disclosed in note 2 to the financial
statements.
27 Financial instruments (continued)
b) Categories of financial instruments
The Group considers that the carrying amount of financial assets and
liabilities are reasonable approximation of fair values.
As at December 31, 2025 As at December 31, 2024
Financial assets
Cash and cash equivalents 668,046,169 413,625,405
Trade and unbilled receivables 351,751,094 277,338,806
Advances, deposits and other receivables* 20,189,578 12,553,548
Escrow retentions 33,520,147 10,774,653
Due from related parties 6,476,773 1,600,015
----------------- ---------------
1,079,983,761 715,892,427
========== =========
Financial liabilities
Trade and other payables 125,608,822 85,015,114
Retention payable 19,326,375 9,630,047
Development property liabilities 412,141,755 254,747,426
Bank borrowings 169,069,969 205,493,025
Due to related party 287,093,049 222,567,717
Lease liabilities 3,634,491 4,114,862
----------------- ---------------
1,016,874,461 781,568,191
========== =========
* This is excluding prepayments, advance to suppliers and contractors and VAT
refundable.
28 Non-controlling interests
The following table summarises the financial information relating to the
Group's subsidiary that has a material NCI, before any intra-group
eliminations.
Dar Global Real Estate Development
December 31, 2025 December 31, 2024
NCI percentage 58% -
Revenue - -
(Loss)/profit (3,066) -
--------- --------
Loss attributable to NCI* (1,404) -
--------- --------
Other comprehensive income - -
Total comprehensive (loss)/income (3,066) -
---------- ----
Total comprehensive (loss)/income attributable to NCI* (A) (1,404) -
--------- ----
Assets 80,000 -
Liabilities (3,066)
Net assets 76,934 -
Share of NCI on other equity components* (B) 46,400
--------- ----
Net assets attributable to NCI [(A) + (B)] 44,996 -
--------- ----
This entity became part of the Group on 24 September 2025. The Group owns 42%
of the shareholding in Dar Global Real Estate Development - KSA. Although the
ownership interest is 42%, it has been treated as a subsidiary as the Group
has control over this entity, and is exposed to, or has rights to, variable
returns from its involvement with this entity and has the ability to affect
those returns through its power over this entity under the agreement entered
by the shareholders. Accordingly, the information relating to subsidiary is
only for the period from 24 September to 31 December 2025.
*The NCI is eligible for 45.8% on profit/(loss) and 58% on other equity
components.
29 Financial risk management objectives
The Board of Director's set out the Group's overall business strategies and
its risk management philosophy. The Group's overall financial risk management
program seeks to minimize potential adverse effects on the financial
performance of the Group. The Group policies include financial risk management
policies covering specific areas, such as market risk (including foreign
exchange risk, interest rate risk), liquidity risk and credit risk. Periodic
reviews are undertaken to ensure that the Group's policy guidelines are
complied with.
There has been no change to the Group's exposure to these financial risks or
the manner in which it manages and measures the risk.
The Group is exposed to the following risks related to financial instruments.
The Group has not framed formal risk management policies, however, the risks
are monitored by management on a continuous basis. The Group does not enter
into or trade in financial instruments, investment in securities, including
derivative financial instruments, for speculative or risk management purposes.
a) Foreign currency risk management
The Group undertakes certain transactions denominated in foreign currencies.
Hence, exposures to exchange rate fluctuations arise. The summarized
quantitative data about the Group's exposure to currency risk as reported to
the management of the Group is as follow:
EUR GBP BAM CNY
December 31, 2025
Cash and cash equivalents 19,472,683 688,450 84,111 -
Other financial assets 175,599 268,809 - 210,044
Financial liabilities (1,351,423) (11,756,599) (16,982) -
------------- ------------- --------- ----------
18,296,859 (10,799,340) 67,129 210,044
======== ======== ===== ======
December 31, 2024
Cash and cash equivalents 6,855,578 1,862,411* 96,265 345,116
Other financial assets 13,577 1,006,073* - 10,939
Financial liabilities (617,325) (10,908,757)* (81,242) (46,259)
------------ --------------- --------- ---------
6,251,830 (8,040,273)* 15,023 309,796
======= ========= ===== =====
The table below illustrates the impact of a 1000 basis point change in USD
against relevant foreign currencies on the Group's profit or loss
December 31, December 31,
2025 2024
---------------- ---------------
EUR 1,829,686 625,183
GBP (1,079,934) 804,027*
BAM 6,713 1,502
CNY 21,004 30,980
29 Financial risk management objectives (continued)
a) Foreign currency risk management (continued)
The Group's significant monetary assets and liabilities denominated in foreign
currencies are in AED which is pegged to USD. As the AED is currently pegged
to the USD, balances are not considered to represent significant currency
risk.
* Certain other financial assets and financial liabilities were incorrectly
identified as being GBP in the annual financial statements for the year ended
31 December 2024 as at that date. These amounts have therefore been restated
in these consolidated financial statements by reducing GBP other financial
assets and financial liabilities by USD 1,461,145 and USD 223,859,876
respectively and reducing the sensitivity of a 1000 basis points increase or
decrease in USD against GBP by 22,239,873. These adjustments relate
exclusively to this disclosure and do not impact any financial statement
captions.
b) Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to
interest rates for non-derivative financial instruments as at 31 December
2025. The analysis is prepared assuming the amount of liabilities outstanding
at the reporting date was outstanding for the whole year.
The interest rate profile of the Group's interest-bearing financial
instruments as reported to the management of the Group is as follows:
December 31, December 31,
2025 2024
---------------- ---------------
Fixed rate instruments
Financial assets 44,552,985 120,257,164
Financial liabilities (529,344) -
( ) -------------- --------------
( ) 44,023,641 120,257,164
( ) ======== ========
Variable rate instruments ( ) ( )
Financial assets 667,588,617 307,608,760
Financial liabilities (452,941,864) (425,199,721)
--------------- --------------
214,646,753 (117,590,961)
========= ========
A 50-basis point increase or decrease is used when reporting interest rate
risk internally to key management personnel and represents management's
assessment of the reasonably possible change in interest rates.
If interest rates had been 50 basis points higher/lower and all other
variables were held constant, the change in Group's profit for the year ended
31 December 2025 would be USD 1,073,234 (2024: USD 587,955). This is mainly
attributable to the Group's exposure to variable rate financial instruments.
29 Financial risk management objectives (continued)
c) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the
management which has built an appropriate liquidity risk management framework
for the management of the Group's short, medium and long-term funding and
liquidity management requirements. The Group manages liquidity risk by
maintaining adequate reserves, continuously monitoring forecast and actual
cash flows and matching the maturity profiles of financial assets and
liabilities.
The Group's objective is to maintain a balance between continuity of funding
and flexibility through the use of bank overdrafts, bank loans and equity from
shareholders.
The table below summarizes the maturity profile of the Group's financial
liabilities. The contractual maturities of the financial liabilities have been
determined on the basis of the remaining period at reporting date to the
contractual maturity date. The maturity profile of these liabilities at the
reporting date based on contractual repayment arrangements are shown in the
table below:
Contractual Cashflows
Carrying amount Less than 1-2 2-5 More than 5 years
Total 1 year years years
31 December 2025
Financial liabilities
Trade and other payables 125,608,822 (125,608,822) (125,608,822) - - -
Retention payable 19,326,375 (19,326,375) (1,226,085) (11,906,687) (6,193,604) -
Bank borrowings 169,069,969 (183,927,366) (74,825,964) (108,711,352) (390,051) -
Development property liabilities 412,141,755 (468,979,703) (136,518,912) (62,679,293) (269,781,498) -
Lease liabilities 3,634,491 (4,395,239) (1,624,596) (715,163) (1,489,594) (565,886)
Due to related party 287,093,049 (338,256,649) (42,315,955) (73,369,099) (222,571,595) -
----------------- ------------------- ----------------- --------------- ---------------- -----------
1,016,874,461 (1,140,494,156) (382,120,334) (257,381,594) (500,426,342) (565,886)
========== =========== ========== ========= ========== =======
Contractual Cashflows
Carrying amount Less than 1-2 2-5 More than 5 years
Total 1 year years years
31 December 2024
Financial liabilities
Trade and other payables 85,015,114 (85,015,114) (85,015,114) - - -
Retention payable 9,630,047 (9,630,047) (4,811,952) (2,073,458) (2,744,637) -
Bank borrowings 205,493,025 (238,992,448) (29,928,407) (100,970,564) (108,093,477) -
Development property liabilities 254,747,426 (286,879,647) (153,611,264) (49,534,163) (83,734,220) -
Lease liabilities 4,114,862 (4,551,866) (3,094,790) (1,015,448) (441,628) -
Due to related party 222,567,717 (268,318,639) (17,694,776) (43,936,842) (206,687,021) -
--------------- --------------- ------------- ------------- ------------- ----------
781,568,191 (893,387,761) (294,156,303) (197,530,475) (401,700,983) -
======== ======== ======= ======= ======= =====
d) Credit risk management
Credit risk refers to the risk that the
counterparty will default on its contractual obligations resulting in
financial loss to the Group. The Group has adopted a policy of only dealing
with creditworthy counterparties. The Group's exposures are continuously
monitored and their credit exposure is reviewed by the management regularly.
29 Financial risk management objectives (continued)
d) Credit risk management (continued)
The credit risk on liquid funds is limited because the counterparties are
banks with high credit-ratings assigned by international credit-rating
agencies.
The carrying amounts of the financial assets
recorded in the consolidated financial statements, which is net of impairment
losses, represents the Group's maximum exposure to credit risks. The Group
considers that the risk of loss related to unbilled receivables and trade
receivables is remote due to collateral held against such amounts due, being
residential property developed by the Group.
30 Capital risk management
The capital structure of the Group consists of cash and cash equivalents,
debt, which includes bank borrowings as disclosed in note 16 and equity as
disclosed in the consolidated financial statements.
The Group manages its capital to ensure that it will be able to continue as a
going concern while maximizing the return to stakeholders through the
optimization of the equity balance. The Group's overall strategy remains
unchanged from prior year. The Group is not subject to any externally imposed
capital requirements.
The Group monitors capital using 'debt' to 'equity'. Debt is calculated as
bank borrowings (as shown in the statement of financial position). Equity
comprises all components of equity as disclosed in note 19.
The Group's policy is to keep the ratio below 1.2. The Group's net debt to
equity ratio at 31 December was as follows.
December 31, December 31,
2025 2024
---------------- ---------------
Debt 169,069,969 205,493,025
-------------- --------------
Total equity 584,378,771 478,453,489
-------------- --------------
Debt to equity ratio 0.29 0.43
31 Contingent liabilities
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Letters of guarantee (refer to note (a) below) 54,905,504 12,337,530
======== =======
(a) This primarily involves letters of guarantee provided
to the Dubai Land Department for the Group's projects in Dubai, UAE. The Group
holds margin deposits with the bank issuing these letters of guarantee, which
are refundable upon project completion (refer to note 7).
31 Contingent liabilities (continued)
Except for the above and ongoing business obligations which are under normal
course of business, there has been no other known contingent liability on
Group's consolidated financial statements as of reporting date.
32 Commitments
As at December As at December
31, 2025 31, 2024
---------------- ----------------
Contracted commitments for development properties 810,430,861 433,882,782
(refer to note 8) (note (a) below)
Others (note (b) below) 10,000,000 -
--------------- ---------------
820,430,861 433,882,782
========= =========
(a) A significant portion of the Group's commitment is towards land plots
acquired, amounting to USD 189,202,874. All other commitments mentioned above
are related to ongoing construction projects and business obligations, which
are part of the normal course of business. There are no other known
commitments reflected in the Group's consolidated financial statements as of
the reporting date. These commitments will be funded through the Group's
existing funds or undrawn loan and borrowing facilities.
(b) On 31 October 2025, Dar Global Holdings 2 Ltd ("DG Holdings 2"), a
wholly owned subsidiary of the Group, entered into a share purchase agreement
("SPA") with Alkhair Group Holding Ltd ("AGHL") for the acquisition of 100% of
the issued share capital of Alkhair Capital Dubai Limited ("ACDL"), a company
incorporated in the Dubai International Financial Centre.
The purchase price is to be determined at completion based on the book value
of ACDL, currently estimated at USD 10,000,000. Payment of the purchase price
is due within 10 working days of the closing date, being no later than 12
months from the effective date of the transaction.
Completion of the transaction is conditional upon AGHL obtaining all necessary
regulatory approvals and/or no-objection clearances required under DIFC law
for the transfer of the shares, which were expected to be obtained by Q1,
2026. As at the reporting date, regulatory approvals remain pending and the
transaction had not yet completed.
33 Staff number and costs
December 31, December 31,
2025 2024
---------------- ----------------
The average number of employees employed by the Group 375 258
========= =========
The payroll cost for these employees is as follows:
- Wages and salaries 37,083,973 22,665,169
========= =========
34 Auditors Remuneration
December 31, December 31,
2025 2024
---------------- ----------------
Audit of these consolidated financial statements 404,730 326,690
Review of condensed consolidated interim financial statements 134,910 113,823
Audit of financial statements of subsidiaries of the company 146,782 149,724
Non - audit service for transition to Equity Shares (Commercial Companies) 127,490 -
category listing
---------- -----------
813,912 590,237
====== =======
35 Events after the reporting date
Subsequent to the year end, on 28 February 2026, there has been an increase in
tensions in the GCC region as a result of the regional military escalations,
which has triggered a heightened risk environment which may impact the
geopolitical and macroeconomic environment.
The Group does not consider this to be an adjusting event and as such any
impacts are not reflected within this Annual Report.
The Group is closely monitoring these events and its potential impacts on its
business. The extent to which this impacts the Group's business will depend on
future developments, which are uncertain and cannot be predicted at this time.
The Group assessed the changes in the current environment on its liquidity
positions and is comfortable that it can keep a solid financial standing.
Management will continue to monitor the developments and update its strategy
and course of actions as necessary in the circumstances.
Alternative performance measures (unaudited)
The Group uses a number of alternative performance measures (APM) which are
not defined within IFRS. The Directors use the APMs, along with IFRS measures
to assess the operational performance of the Group. Definitions and
reconciliations of the financial APMs used compared to IFRS measures, are
included below:
Adjusted performance metrics
Adjusted performance metrics reconciled to statutory reported measures are
shown below. The Directors consider these performance metrics provide
additional information regarding the Group's core operations and business
performance.
(In US$)
Particulars January 1, 2025 to December 31, 2025 January 1, 2024 to December 31, 2024
Revenue 538,617,634 240,330,393
Gross Profit 189,702,120 87,383,740
Gross Profit % 35% 36%
Profit before tax 112,754,937 14,109,487
Profit before tax % of revenue 21% 6%
Profit for the year 100,785,063 14,913,177
Profit for the year % of revenue 19% 6%
Net finance costs 7,791,305 11,289,710
Depreciation on property and equipment and right-of-use assets 5,798,092 4,530,248
Tax expenses/(credit) 12,254,621 (675,239)
--------------- -------------
Adjusted earnings before interest, tax, depreciation and amortisation 126,629,081
(adjusted EBITDA)
30,057,896
========= ========
Adjusted EBITDA for the year % of revenue 24% 13%
Note December 31, December 31,
2025 2024
Assets
Cash and cash equivalents 3 165,174 1,234,178
Advances, deposits and other receivables 4 3,050,868 1,522,430
Investment in subsidiaries 5 379,464,441 379,464,441
Due from related parties 6 34,741,728 8,502,807
Loan to subsidiaries 6 273,704,993 219,798,142
Deferred tax assets 7 1,053,038 812,889
--------------- ---------------
Total Assets 692,180,242 611,334,887
========= =========
Liabilities and equity
Liabilities
Accruals and other payables 8 1,494,115 524,306
Loan from major shareholder 6 295,791,087 221,010,774
Due to related parties 6 12,273,742 5,799,258
--------------- ----------------
Total liabilities 309,558,944 227,334,338
--------------- ----------------
Equity
Share capital 9 1,800,216 1,800,216
Share premium 10 88,781,078 88,781,078
Retained earnings 292,040,004 293,419,255
--------------- ---------------
Total equity 382,621,298 384,000,549
--------------- ---------------
Total liabilities and equity 692,180,242 611,334,887
========= =========
The accompanying notes from 1 to 11 form an integral part of these financial
statements.
These financial statements were approved by the Board of Directors on 10 March
2026 and signed on its behalf by:
__________________ __________________
David Weinreb
Ziad El Chaar
Chairman
Chief Executive Officer
Share Retained earnings Share premium Total equity
capital
At 1 January 2024 1,800,216 294,973,043 88,781,078 385,554,337
Loss for the year - (1,553,788) - (1,553,788)
Other comprehensive income/(loss) - - - -
Total comprehensive loss for the year - (1,553,788) - (1,553,788)
------------ ---------------- -------------- ---------------
Balance as at 31 December 2024 1,800,216 293,419,255 88,781,078 384,000,549
======= ========= ======== =========
At 1 January 2025 1,800,216 293,419,255 88,781,078 384,000,549
Loss for the year - (1,379,251) - (1,379,251)
Other comprehensive income/(loss) - - - -
Total comprehensive loss for the year - (1,379,251) - (1,379,251)
------------ ---------------- --------------- ----------------
Balance as at 31 December 2025 1,800,216 292,040,004 88,781,078 382,621,298
======= ========= ========= =========
The accompanying notes from 1 to 11 form an integral part of these financial
statements.
1. Corporate information
1.1. Dar Global PLC- ("The Company") was incorporated on 30
September 2022 as a private limited company by shares, under a company Number
14388348 issued by the registrar of the companies for England and Wales. The
majority of shares of the Company are held by Dar Al Arkan Global Investment
LLC ("Major shareholder") in United Arab Emirates ("UAE") and the ultimate
parent company of Major shareholder is Dar Al Arkan Real Estate Development
Company, Kingdom of Saudi Arabia ("KSA").
1.2. The registered address of the Company is located at 19th
floor, 51 Lime Street, London, EC3M 7DQ, United Kingdom ("UK").
1.3. The principal activity is property development holding
company.
2. Material accounting policies
2.1. Basis of preparation
These financial statements were prepared in accordance with Financial
Reporting Standard 101 Reduced Disclosure Framework ("FRS 101").
In preparing these financial statements, the Company applies the recognition,
measurement and disclosure requirements of international accounting standards
in conformity with the requirements of the Companies Act 2006 ("Adopted
IFRSs") but makes amendments where necessary in order to comply with Companies
Act 2006 and has set out below where advantage of the FRS 101 disclosure
exemptions has been taken.
In these financial statements, the Company has applied the exemptions
available under FRS 101 in respect of the following disclosures:
· Cash Flow Statement and related notes;
· Certain disclosures regarding revenue;
· Disclosures in respect of transactions with wholly owned
subsidiaries;
· Disclosures in respect of capital management;
· The effects of new but not yet effective IFRSs;
As the consolidated financial statements include the equivalent disclosures,
the Company has also taken the exemptions under FRS 101 available in respect
of the following disclosures:
· Certain disclosures required by IFRS 3 Business Combinations in
respect of business combinations undertaken by the Company in the current and
prior periods; and
· Certain disclosures required by IFRS 13 Fair Value Measurement
and the disclosures required by IFRS 7 Financial Instrument Disclosures.
· Certain disclosures required by IAS 36 Impairment of Assets
Under section 408 of the Companies Act 2006 the Company is exempt from the
requirement to present its own profit and loss account.
These financial statements are presented in US Dollars (USD), which is the
functional and presentation currency of the Company. All values are rounded to
the nearest unit in USD except where otherwise indicated.
2. Material accounting policies (continued)
2.2. Going Concern
The Company's forecasts and projections based on the current trends in sales
and development and after taking account of the funds currently held, show
that the Company and the Group will be able to operate within the level of
cash reserves.
The directors have, at the time of approving the Company financial statements,
made a reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future. Thus, they
continue to adopt the going concern basis of accounting in preparing the
financial statements.
2.3. Financial instruments
Financial assets and financial liabilities are recognized when the Company
becomes a party to the contractual provisions of the instrument.
Foreign exchange gains and losses
The carrying amount of financial assets that are denominated in a foreign
currency is determined in that foreign currency and translated at the spot
rate at the end of each reporting period. Financial assets measured at
amortized cost, exchange differences are recognized in the statement of profit
or loss.
2.4. Financial assets
Classification
The Company classifies its financial assets at amortized cost.
Measurement
At initial recognition, the company measures a financial asset at its fair
value plus transaction costs that are directly attributable to the acquisition
of the financial asset.
Financial assets comprise of cash and cash equivalents, advances deposits and
other receivables, loan to subsidiary and due from related parties.
Cash and cash equivalents
Cash and cash equivalents consist of bank balances.
2. Material accounting policies (continued)
2.4. Financial assets (continued)
Other receivables (including due from related parties and loan to
subsidiaries)
Receivable balances that are held to collect are subsequently measured at the
lower of amortized cost or the present value of estimated future cash flows.
The present value of estimated future cash flows is determined through the use
of value adjustments for uncollectible amounts. The Company assesses on a
forward-looking basis the expected credit losses associated with its
receivables and adjusts the value to the expected collectible amounts.
Receivables are written off when they are deemed uncollectible because of
bankruptcy or other forms of receivership of the debtors. The assessment of
expected credit losses on receivables takes into account credit-risk
concentration, collective debt risk based on average historical losses,
specific circumstances such as serious adverse economic conditions in a
specific country or region and other forward-looking information.
Impairment of financial assets
The loss allowances for financial assets are based on assumptions about risk
of default and expected loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment calculation, based on
the Company's past history, existing market conditions as well as forward
looking estimates at the end of each reporting period.
Derecognition of financial assets
The Company derecognizes a financial asset only when the contractual rights to
the cash flows from the asset expire; or it transfers the financial asset and
substantially all the risks and rewards of ownership of the asset to another
entity. If the Company neither transfers nor retains substantially all the
risks and rewards of ownership and continues to control the transferred asset,
the Company recognizes its retained interest in the asset and an associated
liability for the amounts, it may have to pay. If the Company retains
substantially all the risks and rewards of ownership of a transferred
financial asset, the Company continues to recognize the financial asset.
2.5. Financial liabilities
Financial liabilities are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial
liability. All financial liabilities are recognized initially at fair value
and, in the case of loans, borrowings and payables, net of directly
attributable transaction costs. Financial liabilities are subsequently
measured at amortised cost.
The Company's financial liabilities include accounts payable and provisions,
loan from Major shareholder and amounts due to related parties.
Accounts and other payables Accounts payable are obligations to pay for goods
or services that have been acquired in the ordinary course of business from
suppliers. These are due for payment within one year or less (or in the normal
operating cycle of the business if longer).
2. Material accounting policies (continued)
2.5. Financial liabilities (continued)
Accounts and other payables
Accounts and other payables are recognized initially at fair value and
subsequently are measured at amortised cost using effective interest method.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the
Company's obligations are discharged, cancelled or they expire. When an
existing financial liability is replaced by another, from the same lender on
substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new
liability. The difference in the respective carrying amounts is recognized in
the statement of profit or loss.
2.6. Taxation
Current tax assets and liabilities arising in current and past periods are
measured at the amount expected to be recovered from or paid to the tax
authorities. The tax rates and tax laws used to compute the tax balances are
those that are enacted or substantively enacted by the reporting date.
Deferred tax is provided on temporary differences at the reporting date
between the tax bases of assets and liabilities and their carrying values for
financial reporting purposes. Deferred tax is determined using the tax rate
and laws that have been enacted or substantially enacted by the reporting date
and are expected to apply when the related tax asset is realised or the tax
liability is settled.
Deferred tax is not recognised for temporary differences related to
investments in subsidiaries to the extent that the Company is able to control
the timing of the reversal of the temporary differences and it is probable
that they will not reverse in the foreseeable future.
Deferred tax assets are recognised only when it is probable that future
taxable profits will be available against which these temporary differences
can be utilised. The carrying value of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be utilised.
2.7. Equity and reserves
Equity includes share capital, share premium and retained earnings.
An equity instrument is any contract that evidences a residual interest in the
assets of an entity after deducting all of its liabilities.
Incremental costs that are directly attributable to the issue of an equity
instrument are deducted from the initial measurement of the equity
instruments.
Share premium represents the excess consideration received over the par value
of shares issued, and it is not distributable. Retained earnings represent
distributable reserves.
Material accounting policies (continued)
2.8. Investment in subsidiaries
Classification
The Company accounts for investment in subsidiaries at cost less impairment.
2.9. Significant accounting judgements, estimates and
assumptions
In applying the Company's accounting policies, which are described in policy
notes, management are required to make judgements, estimates and assumptions
about the carrying amounts of assets and liabilities that are not readily
apparent from other sources.
The estimates and associated assumptions are based on historical experience
and other factors that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
3. Cash and cash equivalents
As at December 31, 2025 As at December 31, 2024
Cash at bank
- Current accounts 165,174 1,234,178
---------- ------------
165,174 1,234,178
====== =======
4. Advances, deposits and other receivables
As at December 31, 2025 As at December 31, 2024
Margin deposit 1,516,957 1,418,655
Prepayments 17,609 -
Other receivables 1,218,630 80,163
VAT receivable 297,672 23,612
------------- --------------
3,050,868 1,522,430
======== ========
5. Investment in subsidiaries
As at December 31, 2025 As at December 31, 2024
Dar Global Property Development SPC, Oman (Formerly Dar Al Arkan Property 647,478 647,478
Development SPC)
Dar Global Spain SL, Spain (Formerly Dar Al Arkan Spain SL) 30,199,813 30,199,813
Dar Global UK Holdings LTD, UK 8,266,790 8,266,790
Dar Global Holdings Limited (ADGM), UAE 340,350,360 340,350,360
--------------- ---------------
379,464,441 379,464,441
========= =========
All investments are owned 100% and related to property development activity.
The management believes that the carrying value of the investments is
supported by the underlying net assets of the subsidiaries and the review of
the budget forecasts for the respective subsidiaries' projects.
6. Related party transactions
Related party transactions comprise of transactions with entities under common
ownership and/or common management and control; their partners and key
management personnel. Management decides on the terms and conditions of the
transactions and services received/rendered from/to related parties as well as
other charges, if applicable.
a) Loan to subsidiaries
As at December 31, 2025 As at December 31, 2024
Loan to subsidiaries
Dar Global Holdings Limited (ADGM), UAE (refer to (i) below) 239,207,136 219,798,142
Dar Global Holdings Real Estate, KSA (refer to (ii) below) 34,497,857 -
--------------- ---------------
273,704,993 219,798,142
========= =========
(i) On 1 June 2024, the Company has given an unsecured
financing facility of USD 325,000,000, bearing interest at EIBOR plus 5.18%
per annum and repayable by May 2029. During the year, the facility limit was
increased to USD 490,000,000. The amended facility remains unsecured, bears
interest at EIBOR plus 3.70% per annum, and is repayable by May 2029.
During the year, the Company has advanced USD 19,408,994 (2024: USD
219,798,142). The amount of undrawn facility as at 31 December 2025 stands at
USD 250,792,864.
(ii) During the year, the Company has given an unsecured
financing facility of USD 150,00,000 bearing interest at EIBOR plus 3.70% per
annum and repayable by December 2029.
During the year, the Company has advanced USD 34,497,857. The amount of
undrawn facility as at 31 December 2025 stands at USD 115,502,143.
As at 31 December 2025, management has assessed the subsidiaries' ability to
repay and concluded that the loan is recoverable, considering its financial
position and expected cash flows.
6. Related party transactions (continued)
b) Due from related parties
As at December 31, 2025 As at December 31, 2024
Subsidiaries
Dar Global Holdings Limited (ADGM), UAE 22,395,843 2,955,392
Dar Global USA L.L.C., USA 2,516,144 657,093
Dar Global Property Development S.P.C., Oman (Formerly Dar Al Arkan Property 2,055,303 1,369,177
Development SPC)
Dar Global Holdings Real Estate, KSA 1,756,799 -
Dar Global Real Estate Development L.L.C. OPC, UAE 1,504,046 1,173,497
Dar Global Properties L.L.C., UAE 1,462,616 1,055,437
Dar DG Global Properties L.L.C, UAE 933,409 -
Dar Global Luxury Property Development L.L.C. SOC, UAE 582,869 -
Dar Global UK Holdings LTD, UK 434,493 251,641
Dar DG Global Property Development L.L.C., UAE 429,942 318,392
Dar Global For Real Estate Development W.L.L., Qatar (Formerly Dar Al Arkan 367,860 27,282
For Real Estate Development W.L.L.)
Dar Global Spain S.L., Spain (Formerly Dar Al Arkan Spain SL) 162,054 161,316
Dar Behanavis I, S.L., Spain 140,350 138,651
Dar Global UK No. 1 Ltd, UK - 245,312
Dar Global UK No. 2 Ltd, UK - 149,516
Dar Global Services Limited, UK - 101
--------------- ---------------
34,741,728 8,502,807
========= =========
(i) The above balances are unsecured, interest free and
repayable on demand.
c) Loan from related parties
As at December 31, 2025 As at December 31, 2024
Major shareholder
Dar Al Arkan Global Investment L.L.C., UAE (refer to (iw) below) 284,401,239 219,706,697
Subsidiary
Dar Global Holdings Limited (ADGM), UAE (refer to (ii) below) 11,389,848 1,304,077
--------------- ---------------
295,791,087 221,010,774
========= =========
Movement for the year:
Opening 227,880,998 -
Add: Drawdown during the year 79,455,429 227,880,998
Less: Repayments during the year (152,359) -
--------------- ---------------
Total Borrowings 307,184,068 227,880,998
Less: Unamortised cost (11,392,981) (6,870,224)
--------------- ---------------
295,791,087 221,010,774
========= =========
6. Related party transactions (continued)
c) Loan from related parties (continued)
(i) On 1 September 2024, the Company obtained an
unsecured financing facility of USD 325,000,000, bearing interest at
EIBOR/SOFR plus 2.95% per annum and repayable by January 2028. During the
year, the facility limit was increased to USD 490,000,000. The amended
facility remains unsecured, bears interest at EIBOR/SOFR plus 2.50% per annum,
and is repayable by January 2029.
During the year, the Company has drawn USD 69,369,659 (2024: USD 226,576,921).
During the year, the Company repaid an amount of USD 152,359. The amount of
undrawn facility as at 31 December 2025 stands at USD 194,053,420.
(ii) On 1 June 2024, the Company obtained an unsecured
financing facility of USD 100,000,000 from Dar Global Holdings Limited (ADGM).
The facility is unsecured, bears interest at SONIA plus 3.30% per annum, and
is repayable by June 2029.
During the year, the Company has drawn USD 10,085,771 (2024: USD 1,304,077).
The amount of undrawn facility as at 31 December 2025 stands at USD
88,610,152.
d) Due to related parties
As at December 31, 2025 As at December 31, 2024
Major shareholder
Dar Al Arkan Global Investment L.L.C., UAE 12,265,574 3,628,873
Subsidiaries
Dar Global Services Limited 6,444 -
Dar Global UK Holdings LTD, UK 1,724 2,170,385
------------ ---------------
12,273,742 5,799,258
======= =========
(i) The above balances are unsecured, interest free and
repayable on demand.
e) Transactions with key management personnel
As at December 31, 2025 As at December 31, 2024
Board of directors' fees 959,828 927,373
======= ======
f) Other related party transactions
As at December 31, 2025 As at December 31, 2024
Income - Management service to subsidiaries
Dar Global Properties L.L.C., UAE 407,179 606,059
Dar DG Global Property Development L.L.C., UAE 111,550 308,969
Dar Global Property Development SPC, Oman (Formerly Dar Al Arkan Property 872,312 1,375,496
Development SPC)
Dar Global UK Holdings LTD, UK 224,095 219,262
Dar Global Spain S.L., Spain (Formerly Dar Al Arkan Spain S.L.) 738 222,600
6. Related party transactions (continued)
f) Other related party transactions (continued)
As at December 31, 2025 As at December 31, 2024
Income - Management service to subsidiaries (continued)
Dar Global Real Estate Development L.L.C. OPC, UAE 330,550 1,173,497
Dar Behanavis I, S.L., Spain 1,699 138,652
Dar Global Luxury Property Development L.L.C. SOC, UAE 582,869 -
Dar Global UK No. 2 Ltd, UK - 61,790
Dar DG Global Properties L.L.C., UAE 933,409 -
Dar Global For Real Estate Development W.L.L., Qatar (Formerly Dar Al Arkan 342,761 27,282
For Real Estate Development W.L.L.)
Dar Global Holdings Limited (ADGM), UAE 674,732 251,640
Expense - Management service from a subsidiary
Dar Global UK Holdings LTD, UK (409,721) (391,400)
Income - Interest on loan to subsidiaries
Dar Global Holdings Limited (ADGM), UAE 18,999,361 2,736,152
Dar Global Holdings Real Estate, KSA 1,756,799 -
Expense - Interest on loan from subsidiary
Dar Global Holdings Limited (ADGM), UAE (233,642) (32,400)
Expense - Interest on loan from Major shareholder
Major shareholder (18,006,893) (2,578,875)
Investment in subsidiary
Capital contribution in subsidiary - 8,917,379
Loan (granted)/received
Major shareholder 69,369,659 226,576,921
Dar Global Holdings Limited (ADGM), UAE 10,085,771 1,304,077
Dar Global Holdings Limited (ADGM), UAE (19,408,994) (219,798,142)
Dar Global Holdings Real Estate, KSA (34,497,857) -
Repayment of loan received
Major shareholder (152,359)
Unamortised cost related to loan
Major shareholder 6,689,845 (7,798,634)
Other transactions
Payment to suppliers on behalf of Dar Global USA L.L.C., USA 1,859,051 657,093
7. Income taxes
Tax expense represents the sum of current income tax and deferred tax.
Current income tax is measured at the amount expected to be paid to the
taxation authorities.
The Company recognizes deferred tax assets only to the extent that it is
probable that future taxable profit will be available against which the
carried forward tax losses and the deductible temporary differences can be
utilised.
Deferred tax assets and liabilities are measured on an undiscounted basis at
the tax rates that are expected to apply when the asset is realised or the
liability is settled, based on tax rates and tax laws enacted or substantively
enacted at the balance sheet date.
The total tax expense for the year are as follows:
As at December 31, 2025 As at December 31, 2024
---------------- ----------------
Current tax expense 188,369 -
Deferred tax expense/ (credit) (240,149) (812,889)
--------------- ---------------
Total expense for the year (51,780) (812,889)
========= =========
Deferred tax
The Company recognises deferred tax assets and liabilities for future tax
impacts.
Deferred Deferred tax liability
tax asset
---------------- ----------------
Tax losses carried forward (240,149) -
Other temporary differences - -
--------------- ---------------
Total (240,149) -
========= =========
The Company intends to surrender losses to its group entities in exchange for
a charge equivalent to the tax savings realized in the future. Furthermore,
the Company anticipates generating sufficient taxable income in future periods
to fully offset the carried-forward losses against future profits.
8. Accruals and other payables
As at December 31, 2025 As at December 31, 2024
Accruals 781,957 397,780
Other payables 712,158 126,526
------------ ---------------
1,494,115 524,306
======= =========
9. Share capital
As at December 31, 2025 As at December 31, 2024
Ordinary shares Number Amount Number Amount
Called up and fully paid-up share capital
Balance as 180,021,612 1,800,216 180,021,612 1,800,216
----------------- -------------- ----------------- --------------
180,021,612 1,800,216 180,021,612 1,800,216
========= ======== ========== ========
10. Share premium
As at December 31, 2025 As at December 31, 2024
Share premium 88,781,078 88,781,078
-------------- --------------
88,781,078 88,781,078
======== ========
11. Events after the reporting date
Subsequent to the year end, on 28 February 2026, there has been an increase in
tensions in the GCC region as a result of the regional military escalations,
which has triggered a heightened risk environment which may impact the
geopolitical and macroeconomic environment.
The Company does not consider this to be an adjusting event and as such any
impacts are not reflected within this standalone financial statements.
The Company is closely monitoring these events and its potential impacts on
its business. The extent to which this impacts the Company's business will
depend on future developments, which are uncertain and cannot be predicted at
this time.
The Company assessed the changes in the current environment on its liquidity
positions and is comfortable that it can keep a solid financial standing.
Management will continue to monitor the developments and update its strategy
and course of actions as necessary in the circumstances.
- Ends -
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