Arada (company)

Arada (company)
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. 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. Arada has so far launched three master-planned communities with a total value of AED 33 billion, making it the largest developer in Sharjah.
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.
As well as developing residential and mixed-use communities, Arada has also launched a portfolio of supporting brands. These include Wellfit, which operates gyms in Dubai and Sharjah; Zad, a food truck park concept; Manbat, a partnership with the UAE Ministry of Climate Change and Environment that operates Emirati farmers’ markets and shops; and Artal, an Emirati fashion brand. Arada also signed its first master franchise agreement with Australia’s Boost Juice in 2023.
In May 2022, Arada was assigned credit ratings by Fitch and Moody’s, and issued its debut $500 million sukuk in the same year.
Projects
Nasma Residences
Launched in March 2017, Nasma Residences is a housing project in the Al Tay suburb of Sharjah. The project has sold out and all six phases have been completed and handed over. Nasma Central, the project’s community centre and public park, was completed in 2021.
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.
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.
Construction work on Aljada began in the first quarter of 2018, with the entire project scheduled for completion in 2025.
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. The company secured another AED 1 billion in financing in 2019 with further funding valued at AED 337 million and AED 250 million finalised in 2021.
In April 2018, Arada signed a deal with Emaar Properties Hospitality Group to open three hotels in Aljada.
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.
In 2023, the Aljada Skate Park hosted both the Park and Street versions of the skateboarding World Championships, organised by World Skate.
The first homes at Aljada were completed and handed over at the beginning of 2021. So far, two residential phases, an international school and the Nest student housing complex have been completed at Aljada, totalling 5.500 units.
Masaar
In January 2021, Arada launched its third project, an upmarket forested community based in the Suyoh district of Sharjah. The project consists of 3,000 villas and townhouses, with the first phase due for completion by the end of 2023. The compound is set to incorporate a “green spine” comprising 50,000 trees, in an attempt to create an exclusive living space in the midst of nature.
In September 2022, the central precinct of the project was opened, marking the first part of Masaar to be completed.
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.
Jouri Hills at Jumeirah Golf Estates
In November 2022, Arada launched its first project in Dubai. Based in the Jumeirah Golf Estates master community, Jouri Hills contains 294 high-end villas and townhouses.
Armani Beach Residences at Palm Jumeirah
In mid-2022, Arada announced a partnership with Armani Group and the Japanese architect Tadao Ando to build Armani Beach Residences at Palm Jumeirah. The project is scheduled to be completed by the end of 2026.
References
External links
Real estate companies of Saudi Arabia
Real estate companies established in 2016
Organisations based in Sharjah (city)
2016 establishments in Saudi Arabia