Dubai-based Arada, the master-developer behind the $6.5bn (AED24bn) Aljada and Nasma Residences megaprojects in Sharjah, formally announced its entry into Saudi Arabia, marked by its debut at the Cityscape Jeddah event.
News of Arada's foray into the kingdom comes weeks after its chief executive officer, Ahmed Alkhoshaibi, told Construction Week that the developer would open an office each in Riyadh and Abu Dhabi during the first half of 2019.
Cityscape Jeddah is due to be held on 5-7 April, 2019, and Arada will showcase its Nasma and Aljada projects at the exhibition, including the newly launched Nest student homes.
Commenting on the Saudi expansion, HRH Prince Khaled bin Alwaleed bin Talal, vice chairman of Arada, said: “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."
Prince Khaled added that the kingdom was one of Arada’s "most important markets".
Significant construction work is currently under way for both Aljada and Nasma. The former, upon full completion, will become Sharjah's largest mixed-use community. The first homes within Aljada are to be handed over by the end of 2019, and Phase 1 of Central Hub – a Zaha Hadid Architects-designed leisure hub within the megaproject – will open this September.
Construction work for Nasma kicked off in 2018, and the first homes under the scheme are currently being handed over. Nasma's overall completion is due in June 2020, Arada said in a statement on its website.