Padel Living
Residences

To understand DarGlobal, you start with its parent: Dar Al Arkan. Founded in 1994 and listed on the Tadawul (Saudi Stock Exchange) since 2007, Dar Al Arkan is one of Saudi Arabia's most established developers. It has delivered over 15,000 residential units and developed 12.4 million sqm across the Kingdom over three decades. This is not a developer that emerged with Vision 2030. It built the residential fabric of Riyadh before most international investors had heard of the market. DarGlobal is the international arm of that business, listed separately on the London Stock Exchange Main Market in February 2023, valued at SAR 2.25 billion at listing. The institutional infrastructure behind this project is a Saudi developer with 30 years of delivery history and dual stock exchange accountability.

DarGlobal's confirmed delivered international project is W Residences Dubai, which is built, handed over, and trading in the secondary market. The broader pipeline — Trump International Dubai and Muscat, Aida by DarGlobal in Aqaba — is under development. That pipeline is the relevant context: this is a developer with active projects across multiple jurisdictions and the balance sheet to complete them. It is not a Saudi-only developer taking its first international step.

Within the Amaya masterplan on King Abdullah Road, DarGlobal is simultaneously delivering Trump Plaza, Trump Park, and Padel Living. Three products from one developer on one site on one timeline. This is not a single-project risk. It is shared infrastructure risk across a masterplan that DarGlobal has a direct financial interest in completing. The developer cannot walk away from Padel Living without abandoning Trump Plaza. Those projects are bound together.

DarGlobal is also the developer behind the Four Seasons Jeddah Private Residences on the Corniche. That project launched at a price point and has seen 50% appreciation from launch. It is the most direct evidence of what this developer can achieve at this address level in this city. Padel Living enters the same developer's portfolio at a fraction of that price point.

The honest note is this: Saudi Arabia is an earlier-stage development market than the UAE for foreign investors. The Wafi off-plan escrow framework is in place under REGA (the Real Estate General Authority), broadly equivalent to Dubai's RERA, but it is less operationally mature after only a few years. The escrow account for this project is held at Alinma Bank, which is a recognised institutional bank. Wafi registration has been verified.

King Abdullah Road is the primary commercial and residential spine of Jeddah. It runs north-south through the city connecting every major district, and it is formally recognised as the most important business avenue in Jeddah. King's Road Tower — the city's landmark commercial skyscraper, home to the regional offices of multinational corporations — sits on this road. So do the luxury hotel corridor, international schools, medical centres, and the Formula 1 circuit. Dar Al Arkan, the developer's Saudi parent, describes the Amaya site on King Abdullah Road as one million square metres of prime land in the heart of Jeddah. The comparison to Sheikh Zayed Road in Dubai or King Salman Road in Riyadh is the right frame. This is not an emerging address or a speculative corridor. It is already the address that Jeddah's institutions, businesses, and residents use as their reference point for prime.

The most direct comparables for Padel Living are within the same 50-metre radius. DarGlobal's Trump Plaza and Trump Park are on the same Amaya site. Trump Plaza executive suites start at SAR 2M for a one-bedroom, furnished, branded. Trump Park, the unfurnished non-branded component, starts at SAR 1.8M for a two-bedroom. Padel Living, same developer, same masterplan, same address, launches a two-bedroom at SAR 1,003,800.

The gap between Padel Living and Trump Park is SAR 800,000 per two-bedroom unit. That gap is not a quality gap. Padel Living has balconies and floor-to-ceiling windows that the Trump Plaza units do not. The gap is purely the Trump brand premium. When the Amaya masterplan is complete and Padel Living's physical quality is visible against its neighbours, the price discovery will move toward parity on specification grounds. That is the capital growth mechanism, and it is very clear.

DarGlobal's Four Seasons Private Residences on the Jeddah Corniche launched at a price and has appreciated 50% from launch. That is the real-world data point for what this developer's product achieves in this city. Padel Living enters the same developer's portfolio at half that product's entry price, in the same city, on a stronger arterial address.

Foreign buyers currently represent approximately 4% of Saudi property transactions (REGA, 2026). The market is 96% domestic Saudi capital. That ratio will change as international awareness of the legal framework accelerates. The buyers entering now are operating before that inflection. In Dubai, early international buyers in the 2005-2010 window captured the most durable returns of the entire cycle. Saudi is earlier in that curve.

The rental case for Padel Living is a long-term hold on a prime Jeddah address. King Abdullah Road is the city's main arterial corridor — the equivalent of Sheikh Zayed Road in terms of address recognition and tenant demand. The primary income model is long-term residential rental to Saudi professionals and families. This is not a market dependent on expat cycles. Saudi tenants do not get called home by a corporate repatriation decision. The domestic demand base is permanent.

Saudi Arabia operates with 0% personal income tax and 0% capital gains tax. Rental income is untaxed at the personal level. That changes the net return calculation materially versus a UK or European hold where rental income is taxed at marginal rates.

At an estimated annual rent of SAR 85,000–105,000 for a 77 SQM two-bedroom on King Abdullah Road, gross yield on the entry unit runs at 8.5–10.5%. After service charge (SAR 3,463/year) and a standard void allowance of 5%, net yield is 7–9%. Saudi Arabia does not publish rental transaction data through an equivalent of Dubai's DLD, so these figures are based on my assessment of the Jeddah prime corridor market. Clients should verify current market rents with a Jeddah-based residential agent before committing on the basis of the income model.

• Entry price: SAR 1,003,800 (2RA, 76.96 SQM, confirmed at launch — July 2026 inventory)
• Estimated annual rent: SAR 85,000–105,000 for a 2BR on King Abdullah Road
• Service charge: SAR 45/SQM/year = SAR 3,463/year on entry unit
• Void allowance: 5%
• 5% RETT at handover: SAR 50,190 on entry unit (true all-in cost: SAR 1,053,990)
• 0% personal income tax — rental income untaxed at personal level
• Rental data source: advisory assessment of Jeddah prime corridor — no public transaction register equivalent to DLD

One additional point worth noting. Jeddah sits 40 minutes from Mecca. Millions of pilgrims pass through this city every year before and after the holy sites — during Hajj season and for Umrah year-round. This is a permanent structural demand driver that no other city in this portfolio has. During peak pilgrimage periods, a standard room at Raffles Jeddah on the Corniche starts from SAR 5,000 per night. A well-positioned two-bedroom apartment at a fraction of that rate, with a full kitchen and significantly more space, is a compelling alternative for families travelling for religious purposes. For investors who choose to manage their unit as a short-term rental during peak periods, that demand is real and recurring. I am not modelling it as the primary income case. The optionality exists. Whether to pursue it depends on the investor's appetite for active management and Saudi Ministry of Tourism licensing requirements.

The capital growth case rests on three distinct forces. Each stands independently. Together they compound in a way that I think is among the clearest arguments in the Saudi portfolio.

The Amaya masterplan premium. As DarGlobal delivers three products simultaneously on the same Amaya site, the address crystallises as a known Jeddah district. Padel Living is the non-branded entry point in a masterplan where the equivalent branded product is priced at SAR 1.8M–2M. As the masterplan matures, Padel Living re-prices toward parity on specification grounds. DarGlobal's comparable product on the Jeddah Corniche has demonstrated 50% appreciation from launch. Padel Living enters the same developer's portfolio in the same city at half the entry price. My conservative estimate is 60% capital appreciation over 4–5 years from handover, which aligns directly with what this developer has already achieved in Jeddah.

The Saudi domestic market dynamic. Dubai's property market depends materially on international corporations and expats. When companies repatriate staff, demand contracts. Saudi Arabia is structurally different. The primary buyer and tenant pool for Jeddah residential is Saudi. Saudi families have enormous purchasing power and no structural incentive to leave. The money stays regardless of international market cycles, geopolitical tension, or global economic conditions. This is not a sentiment. It is a structural fact about the domestic capital base.

Saudi Arabia's non-oil GDP reached 50% of total economic output in 2025, ahead of the 2030 Vision target (Saudi Vision 2030 Progress Report 2025). Foreign direct investment exceeded $30 billion annually by 2024. The $76 billion budget surplus in 2024 is the sovereign capital funding the infrastructure that determines where people live and what proximity commands a premium. Jeddah's infrastructure investment — the Corniche development, King Abdullah Sports City, the F1 circuit, the hotel and hospitality expansion — is all being funded from that surplus. This is not speculative. It is funded and underway.

The Mecca gateway — a demand driver that does not exist anywhere else. No other market in this portfolio has this. Jeddah is 40–45 minutes from Mecca, the holiest city in Islam. The Hajj pilgrimage is an obligation for every Muslim with the means to perform it. Umrah, the lesser pilgrimage, is performed year-round by tens of millions annually. Jeddah is the international gateway — the city where pilgrims arrive, transit, shop, and rest before and after the holy cities. This demand is not trend-linked, not cyclical, not dependent on corporate hiring decisions. It is linked to a religious obligation held by a fifth of the world's population. That is a structural demand floor that simply does not exist in any other property investment market I advise on.

• 80% Capital Deployed Before Handover
  Unlike some UAE payment structures that defer 40–50% to handover, this plan deploys 80% across four construction milestones. The final 20% is deferred 12 months post-handover, which is a genuine advantage. But 80% of the purchase price is committed capital well before keys. Clients should model the full SAR 802,400 (80% of entry unit) as deployed before December 2030 and not rely on appreciation to fund ongoing installments.
• 5% RETT on Every Transaction Including Resale
  Saudi Arabia applies a 5% Real Estate Transaction Tax on the purchase price, payable at every transaction. On the entry unit this is SAR 50,190 at handover, taking the true all-in cost to SAR 1,053,990. On resale, the buyer pays RETT on the then-current price — which reduces exit liquidity relative to the UAE's no-capital-gains environment. Factor RETT into your exit price modelling. At 60% appreciation, the buyer's 5% RETT on a SAR 1.6M resale is SAR 80,000. Still a compelling net return, but it needs to be planned for.
• Saudi Secondary Market Liquidity
  Buying Saudi residential is now structurally open to foreign investors via the 2024 freehold reforms. Selling to a foreign buyer is a different question. The international buyer pool in Saudi residential is at approximately 4% of transactions (REGA, 2026). That pool is growing but not yet deep. Investors who need a 36-month exit should not be in Saudi real estate at this stage. The secondary market will deepen over the 5–7 year period post-handover as international adoption accelerates. This is a 7-plus year thesis. Going in with that horizon, the exit case is strong. Going in expecting a 2028 flip, it is not.
• Rental Market Data Transparency
  Saudi Arabia does not publish rental transaction data through an equivalent of Dubai's DLD or Abu Dhabi's DARI platforms. The yield projections in this review are based on my assessment of the Jeddah prime corridor market and conversations with market participants. They are not sourced from a public transaction register. Clients should verify current market rents with a Jeddah-based residential agent before committing on the basis of the income model.
• Individuals Only — Limits Exit Buyer Pool
  Padel Living is open to individual buyers only. Corporate or institutional ownership structures are not eligible. This means on resale, the buyer pool excludes funds and family offices holding through company vehicles. For investors intending to hold to handover and then sell, the exit pool is narrower than a product that can be acquired institutionally. Factor this into exit liquidity assumptions.

Padel Living offers 1, 2, 3 and 4-bedroom apartments across 7 floors, with padel courts on the rooftop confirmed. All units include balconies and floor-to-ceiling windows. Delivery is unfurnished. The July 2026 inventory shows available stock at the following confirmed pricing.

The note on 3-bedroom units: at SAR 1.32M for a 3-bed, the price per square foot is approximately SAR 960/sqft. The entry 2-bed runs at SAR 1,210/sqft. Investors deploying more capital should look at the 3-bed stock first. It is materially more efficient per square foot and the absolute number remains well within the SAR 1M–1.5M range that most investors allocating to this market will be working with.

3-bed units price at approximately SAR 960/sqft vs SAR 1,210/sqft for the entry 2-bed. The 3-bed is the most capital-efficient unit in the inventory on a per-sqft basis. Investors with capacity to deploy SAR 1.3M should look at the 3-bed before the standard 2RI.

Payment structure: Construction milestone-linked. You release capital when the building hits a verifiable physical milestone — basement structure, 5th floor slab, finishing works completion. Not on a calendar set by the developer. The final 20% is deferred 12 months post-handover. In a short-term rental scenario generating 13% net yield, the final installment of SAR 200,760 is covered by approximately 14 months of rental income from the unit itself.

+ 5% RETT (Real Estate Transaction Tax) payable at handover. SAR 50,190 on the entry unit. No VAT applicable on residential property in Saudi Arabia. Total true cost of entry: SAR 1,053,990 on the entry 2-bed.