UAE-based Arada, the developer of the mega mixed-use Aljada project in Sharjah, has announced plans to open of its first overseas office in the Saudi capital, Riyadh by the end of June.
The announcement was made by the company at the ongoing Cityscape Jeddah, Saudi Arabia’s largest real estate exhibition, which marks 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.
Founded in 2016 by two of the Gulf’s most respected businessmen, Prince Khaled bin Alwaleed bin Talal (Vice Chairman) and Sheikh Sultan bin Ahmed Al Qasimi, Arada has quickly established itself as one of the UAE’s most exciting and progressive developers, stated the developer.
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.
Prince Khaled said: "It is a source of considerable pride that Arada’s first overseas office will be in the Saudi Arabia, a country that has exceptionally close ties to our home market in the UAE. 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, he noted.
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, he added.
Arada is currently taking part in Cityscape Jeddah, which concludes today (April 7) at the Jeddah Centre for Forums and Events.
At the expo, Arada is promoting its new project, 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.
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.
By offering guaranteed return on investment of 10 per cent annually for a five-year period, Nest has already witnessed significant success since its launch in March, selling 420 units.-TradeArabia News Service