UAE's Arada confirms launch of Saudi office at Cityscape Jeddah

UAE's Arada confirms launch of Saudi office at Cityscape Jeddah
UAE developer Arada will open a Riyadh office in 2019.
Published: 7 April 2019 - 10 a.m.
By: Jack Ball

Arada has formally announced plans to open an office in Riyadh, Saudi Arabia, in what will be the UAE real estate developer’s first overseas office.

Based in the centre of the Saudi capital, the new office – scheduled to open before the end of June – will incorporate a sales suite showcasing the company’s two Sharjah-based communities, Aljada and Nasma Residences.

The suite, it added, will allow potential buyers to "walk through" the developments using virtual reality (VR) technology.

The announcement was made during Cityscape Jeddah, which was held on 5-7 April 2019.

In a statement, Arada said investor interest from Saudi Arabia “has already proved strong”, with more than 250 units purchased by buyers from the kingdom over a two-year period.

Founded in 2016 by HE Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group; and HRH Prince Khaled bin Alwaleed bin Talal, chairman and founder of KBW Investments, Arada has sold more than 2,600 units in Sharjah to date.

The group's planned Riyadh presence is part of its 2019 expansion strategy. This will also see the opening of an office in Abu Dhabi the first half of this year and an extension of its marketing reach to the rest of the Gulf and South Asia.

“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 UAE,”said Prince Khaled.

“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,” he added.

The news comes as construction continues on both Aljada and Nasma mixed-use communities. The first homes under the Nasma scheme are being handed over, and those within Aljada are set to be delivered over before year-end.

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