UAE-based developer expands into Arab world’s largest economy via presence at landmark event
Arada has announced its entry into the Kingdom of Saudi Arabia via its debut presence at Cityscape Jeddah, the country’s largest real estate exhibition. The UAE developer will use the event to showcase its two Sharjah-based lifestyle communities to investors and end-users in the Arab world’s largest economy.
Founded in 2016 by two of the Gulf’s most respected businessmen, HRH Prince Khaled bin Alwaleed bin Talal and HE Sheikh Sultan bin Ahmed Al Qasimi, Arada has quickly established itself as one of the UAE’s most exciting and progressive developers.
HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “The Kingdom of Saudi Arabia is already one of Arada’s most important markets, with a significant number of homes already sold to Saudi investors. It’s clear that our strategy of offering high-quality projects with great amenities at an accessible price point is popular with Saudi buyers, and we are particularly pleased to be presenting homes that resonate with Saudi community values. We look forward to creating fulfilling and inspiring communities that our buyers will be proud to call home.”
Held between 5-7 April at the Jeddah Centre for Forums and Events, Cityscape Jeddah brings together a host of top Saudi and international developers. During the event, Arada will be highlighting the recent launch of Nest, a student housing complex that enables individual real estate investors to purchase directly in this lucrative asset class for the first time in the Gulf. By offering guaranteed return on investment of 10% annually for a five-year period, Nest has already witnessed significant success since its launch in March, selling 420 units.
Located just 10 minutes’ walk from one of the Middle East’s fastest-growing education hubs, Sharjah’s University City, Nest offers unrivalled facilities and amenities across a total of 10 five-storey buildings. Each block contains a selection of studios and two-, four-, five- and eight-bed dormitories, alongside laundry rooms, shared TV rooms and study areas. Each unit is delivered fully furnished and leasing is arranged by Arada’s fully licensed onsite management teams, who will also oversee all facilities management and provide 24-hour security.
Nest is located within Aljada, a master-planned destination with a sales value of SR24.5 billion that is set to transform the future of Sharjah. Aljada was unveiled by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, during an exclusive ceremony in September 2017.
Sharjah’s largest ever mixed-use community, Aljada is ideally situated on the last major plot of undeveloped land in the heart of the city. The 24 million square foot megaproject has exceptional connectivity to surrounding areas, and is an all-encompassing district that comprises considerable retail, leisure and entertainment options, in addition to a wide range of residential and commercial offerings. Construction on Aljada has already begun, with the first homes scheduled to be handed over by the end of this year. The first phase of the Central Hub, the UAE’s newest leisure and entertainment destination, which has been designed by Zaha Hadid Architects, will be opened in September this year.
Arada’s first project, Nasma Residences, was launched in March 2017 and rapidly became Sharjah’s fastest-selling community when its first phase sold out in less than a month. Featuring landscaped parks, two retail centres, a GEMS international school, plenty of sports facilities and a mosque, Nasma Residences sets a new standard for Sharjah communities. Construction on Nasma Residences began last year, and Arada is currently in the process of handing over its first homes in the project. The entire community will be completed by June 2020.