Real estate CEO says the luxury industry is all about one thing: a ‘return on ego’

Char explained that “return on ego” is what drives buyers toward exclusivity and identity-defining purchases. Whether it’s a limited-edition watch, a supercar, or what he calls “limited-edition estates” — co-branded luxury developments that collaborate with prestigious brands including Aston Martin, for example — today’s affluent consumers chase rarity and recognition as much as they chase yield. “We first identify demand before we build,” he said. In the Gulf region, this demand has manifested itself in the form of aspirational and rare goods, which the DarGlobal joint product aims to provide.

More broadly, the global luxury goods market has developed rapidly since 2020, rebounding from the pandemic to reach an estimated $327.52 billion in 2024 and is expected to reach $480.54 billion by 2033, according to Straits Research. But beyond luxury goods, consumers are more often looking for luxury experiences, a 2025 McKinsey study found.

The desire for a more luxurious lifestyle is directly linked to the success of high-end real estate development in the Middle East. While Europe remains an anchor, the center of gravity has shifted eastward – and increasingly south. Char said that gateway cities in the Middle East are now receiving global attention. He said: “In the Gulf, we have almost the perfect formula. “Infrastructure, governance, lifestyle, safety, speed. This region is ready to be treated as one ecosystem of major cities – from Riyadh to Jeddah to Dubai to Abu Dhabi to Doha.”

Dubai already ranks among the world’s leading wealth centers, attracting nearly 10,000 new millionaires in 2025 alone. Saudi Arabia is experiencing a boom of its own, and is expected to attract 2,400 high-net-worth individuals in 2025, an 800% increase from 2024. The Kingdom’s real estate market is also booming, generating $132.3 billion in 2024, and is expected to reach $201.4 billion by 2030. This growth has been fueled by Vision 2030 reforms that will allow freehold ownership. Foreigners starting in 2026. Dar Global, which has invested 20 billion riyals (about 5.3 billion US dollars) to find foreign buyers, has already sold to investors from 40 nationalities in the Riyadh and Jeddah projects – even before the law came into effect.

Char has placed itself at the heart of this transformation. Its Saudi portfolio includes Trump Tower and Trump Plaza in Jeddah and the Mouawad-designed Neptune Villas in Riyadh, blending global brand recognition with local ambition. He believes these developments do more than just house the wealthy, they anchor cities culturally and economically.

“It’s very important when we think about these communities, you’re not going to build a remote community and build walls around it. You have to put it in a place where it’s an anchor, because the luxury community in the city is an anchor to the city, an image of the city,” he added, referring to the Diriyah Gate development in Riyadh.

He explained that the development project serves the wealthy and the super-rich. “At the same time, it’s comprehensive. It also has a lot of development around it for the people who will be working on this project. It has the entertainment side, the retail side, the cultural side,” Char added.

With the global luxury market moving towards experience, identity and geographical diversity, Char sees the Gulf as its next hub. The GCC economy is slightly larger than Italy’s (about $3.5 trillion), but it indicates that the region has a very high advantage and potential in terms of dynamism, infrastructure development, lifestyle and stability. “Just as Italy has at least 10 destination cities, we deserve to be seen in the Gulf as one region with at least 10 major tourist destinations,” he said.