HRH Prince Khaled bin Alwaleed bin Talal: “As the capital of the Arab world’s largest economy, Riyadh is the perfect location for us to showcase our projects to a wide range of investors”
Arada has announced plans to open its first overseas office, which will be based in the Saudi capital, Riyadh. The UAE developer made the announcement at Cityscape Jeddah, the Kingdom of Saudi Arabia’s largest real estate exhibition, which marked Arada’s entry into the country.
Based in the centre of Riyadh, the Arada office will incorporate a sales suite showcasing the company’s two Sharjah-based lifestyle communities, Aljada and Nasma Residences, allowing potential buyers to ‘walk through’ the developments using next-generation virtual reality technology. The office is scheduled to open before the end of June.
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. The company has sold over 2,600 units in Sharjah, a rapidly growing property market that has benefited from recent moves to allow all nationalities to purchase homes in the Emirate, as well as a stable and well-regulated real estate environment. Investor interest from Saudi Arabia has already proved strong, with over 250 units purchased by buyers from the Kingdom over a two-year period.
HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “It is a source of considerable pride that Arada’s first overseas office will be in the Kingdom of Saudi Arabia, a country that has exceptionally close ties to our home market in the United Arab Emirates. As the capital of the Arab world’s largest economy, Riyadh is the perfect location for us to showcase our projects to a wide range of investors.”
Arada’s decision to launch a permanent presence in Riyadh is part of a 2019 expansion strategy, which will also see the opening of an office in Abu Dhabi the first half of this year, as well as extending its marketing reach to the rest of the Gulf and South Asia. Arada has also earmarked Saudi Arabia as a potential destination in which to develop the smart and sustainable communities that it is already building in the UAE in the medium term.
Arada is currently taking part in Cityscape Jeddah, which is being held between 5-7 April at the Jeddah Centre for Forums and Events, and which is bringing together a host of top Saudi and international developers. During the event, Arada is 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.
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. 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 open 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 and a GEMS international school, 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.