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Arada is a privately held [[property development]] company, based in the United Arab Emirates, with an initial focus on the emirate of Sharjah.<ref>{{Cite news|url=https://www.reuters.com/article/emirates-realestate-loans-idUSL8N1OS16X|title=UAE property developer secures 1 bln dirham loan for mega-project|date=2017-12-28|work=Reuters|access-date=2018-12-11|language=en}}</ref> The company was founded in 2017 by Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group, and [[Khaled_bin_Alwaleed_Al_Saud|Prince Khaled bin Alwaleed bin Talal Alsaud]], chairman of KBW Investments.<ref>{{Cite web|url=https://www.thenational.ae/business/property/new-developer-arada-targets-uae-s-mid-market-housing-sector-1.89111|title=New developer Arada targets UAE’s mid-market housing sector|website=The National|language=en|access-date=2018-12-11}}</ref> Arada has so far launched three master-planned communities with a total value of AED 33 billion, making it the largest developer in Sharjah. <ref>{{Cite news|url=https://www.thenationalnews.com/business/property/arada-awards-first-contracts-for-dh8bn-masaar-project-in-sharjah-1.1232203|title=Arada awards first contracts for Dh8bn Masaar project in Sharjah|date=2017-12-28|work=The National News|access-date=2021-05-30|language=en}}</ref>
Arada is a privately held [[property development]] company, based in the United Arab Emirates, with an initial focus on the emirate of Sharjah.<ref>{{Cite news|url=https://www.reuters.com/article/emirates-realestate-loans-idUSL8N1OS16X|title=UAE property developer secures 1 bln dirham loan for mega-project|date=2017-12-28|work=Reuters|access-date=2018-12-11|language=en}}</ref> The company was founded in 2017 by Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group, and [[Khaled_bin_Alwaleed_Al_Saud|Prince Khaled bin Alwaleed bin Talal Alsaud]], chairman of KBW Investments.<ref>{{Cite web|url=https://www.thenational.ae/business/property/new-developer-arada-targets-uae-s-mid-market-housing-sector-1.89111|title=New developer Arada targets UAE’s mid-market housing sector|website=The National|language=en|access-date=2018-12-11}}</ref> Arada has so far launched three master-planned communities with a total value of AED 33 billion, making it the largest developer in Sharjah. <ref>{{Cite news|url=https://www.thenationalnews.com/business/property/arada-awards-first-contracts-for-dh8bn-masaar-project-in-sharjah-1.1232203|title=Arada awards first contracts for Dh8bn Masaar project in Sharjah|date=2017-12-28|work=The National News|access-date=2021-05-30|language=en}}</ref>
The company also launched its first project in Dubai in 2022 and has a second project in the emirate scheduled to be launched on the Palm Jumeirah islands in 2023. <ref>{{Cite news|url=https://www.forbesmiddleeast.com/industry/real-estate/sharjahs-arada-forays-into-dubai-property-market-with-a-%2465m-land-deal|title=Sharjah’s Arada Forays Into Dubai Property Market With A $65M Land Deal|date=2022-01-17|work=Forbes Middle East|access-date=2022-01-17|language=en}}</ref>


== Projects ==
== Projects ==

Revision as of 07:44, 13 April 2023

"ARADA" redirects here. For other uses, see Arada.
Arada
Company typePrivately Held Company
Founded2017
HeadquartersSharjah, United Arab Emirates
Key people
Sheikh Sultan bin Ahmed Al Qasimi (chairman), Prince Khaled Bin Alwaleed Bin Talal Alsaud, (vice chairman), Ahmed Alkhoshaibi (CEO),
ProductsReal estate
Number of employees
400 (2020)
WebsiteARADA

Arada is a property development company based in Sharjah, in the United Arab Emirates.

History

Arada is a privately held property development company, based in the United Arab Emirates, with an initial focus on the emirate of Sharjah.[1] The company was founded in 2017 by Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group, and Prince Khaled bin Alwaleed bin Talal Alsaud, chairman of KBW Investments.[2] Arada has so far launched three master-planned communities with a total value of AED 33 billion, making it the largest developer in Sharjah. [3] The company also launched its first project in Dubai in 2022 and has a second project in the emirate scheduled to be launched on the Palm Jumeirah islands in 2023. [4]

Projects

Nasma Residences

Launched in March 2017, Nasma Residences is a housing project in the Al Tay suburb of Sharjah.[5] The project has sold out and the first five phases have been completed and handed over.[6] Nasma Central, the project’s community centre and public park, was completed in 2021.[7]

Aljada

Launched in September 2017, Aljada is a large mixed-use development spread over a 24 million square foot area in the Muwaileh suburb of Sharjah.[8]

The masterplan for Aljada includes housing, a business park, shops, hotels and schools as well as a leisure and entertainment complex, which is being designed by Zaha Hadid Architects.[9]

Construction work on Aljada began in the first quarter of 2018, with the entire project scheduled for completion in 2025.[10]

In December 2017, Arada secured AED 1 billion in Islamic financing from two banks in the United Arab Emirates to help fund the development of the project.[11] The company secured a further AED 1 billion in financing in 2019 [12] with further funding valued at AED 337 million [13] and AED 250 million [14] finalised in 2021.

In April 2018, Arada signed a deal with Emaar Properties Hospitality Group to open three hotels in Aljada.[15]

In February 2020, the first phase of the leisure entertainment complex, called Madar at Aljada, was opened to the public, marking the first part of the project to be completed.[16]

The first homes at Aljada were completed and handed over at the beginning of 2021. [17]

Masaar

In January 2021, Arada launched its third project, an upmarket forested community based in the Suyoh district of Sharjah. The project consists of 4,000 villas and townhouses, with the first phase due for completion by the end of 2022. [18]

Anantara Sharjah Resort

In December 2017, Arada announced that it would open Sharjah's first Anantara-branded hotel in conjunction with Basma Group. The Anantara Sharjah Resort will have 233 rooms.[19]

References

  1. ^ "UAE property developer secures 1 bln dirham loan for mega-project". Reuters. 2017-12-28. Retrieved 2018-12-11.
  2. ^ "New developer Arada targets UAE's mid-market housing sector". The National. Retrieved 2018-12-11.
  3. ^ "Arada awards first contracts for Dh8bn Masaar project in Sharjah". The National News. 2017-12-28. Retrieved 2021-05-30.
  4. ^ "Sharjah's Arada Forays Into Dubai Property Market With A $65M Land Deal". Forbes Middle East. 2022-01-17. Retrieved 2022-01-17.
  5. ^ "New developer gets cracking with residential community in Sharjah". gulfnews.com. Retrieved 2018-12-11.
  6. ^ "Developer Arada begins handovers at Sharjah's Nasma Residences". GulfBusiness.com. Retrieved 2020-11-19.
  7. ^ "Arada unveils Nasma Central community centre for Al Suyouh district". GulfBusiness.com. Retrieved 2021-05-10.
  8. ^ "UAE developer to build biggest-ever real estate project in Sharjah". The National. Retrieved 2018-12-11.
  9. ^ "Sharjah developer awards contract to late Zaha Hadid's firm". gulfnews.com. Retrieved 2018-12-11.
  10. ^ "UAE property developer launches $6.5 bln Sharjah project". Reuters. 2017-09-11. Retrieved 2018-12-11.
  11. ^ "UAE property developer secures 1 bln dirham loan for mega-project". Reuters. 2017-12-28. Retrieved 2018-12-11.
  12. ^ "Arada secures $270m loans to help fund Sharjah projects". Arabian Business. 2019-05-22. Retrieved 2019-05-22.
  13. ^ "Sharjah developer Arada secures $91.7mln loan from two UAE lenders". Zawya. 2019-05-22. Retrieved 2021-01-11.
  14. ^ "Arada secures additional Dh250 million funding from Dubai Islamic Bank". Gulf News. 2021-07-11. Retrieved 2021-07-11.
  15. ^ "BRIEF-Emaar Hospitality Group and ARADA Join Hands To Launch Three..." Reuters. 2018-04-12. Retrieved 2018-12-11.
  16. ^ "Arada delivers more homes as $6.5bn Sharjah mega project takes shape". Arabian Business. 2021-03-30. Retrieved 2021-03-30.
  17. ^ "Arada delivers more homes as $6.5bn Sharjah mega project takes shape". Arabian Business. 2021-03-30. Retrieved 2021-03-30.
  18. ^ "UAE property developer launches $2.2 billion Sharjah project". Arabian Business. 2021-01-31. Retrieved 2021-01-31.
  19. ^ Staff, Hotelier Middle East. "Minor Hotels to launch first Anantara resort in Sharjah". HotelierMiddleEast.com. Retrieved 2018-12-11.
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