Arada eyes new projects in UAE, UK, and Australia
Arada has revealed plans to develop four new communities in the UAE, the United Kingdom, and Australia
Arada has revealed plans to develop four new communities in the UAE, United Kingdom, and Australia.
The UAE-headquartered developer said that its future projects will be significantly larger than its $408m (AED1.5bn), 800-unit debut development, Nasma Residences in Sharjah.
Formed in January 2017 as a partnership enterprise between Saudi Arabia’s KBW Investments and the UAE’s Basma Group, Arada launched Nasma Residences in late March.
The developer told Construction Week that its second project would be located in Sharjah, its third in Dubai, and its fourth and fifth in the UK and Australia.
Ahmed AlKhoshaibi, group chief executive officer of KBW Investments, explained: “We already have projects that you could say are in the pipeline. We’re not [yet in a position to announce full details,] but I can say they are [significantly larger] than this community.
“Arada’s second development will also be in Sharjah. Its third will be in Dubai, and we also have a fourth and a fifth project [planned]: one in the United Kingdom, and the other in Sydney, [Australia],” he revealed.
Despite his team’s international expansion plans, AlKhoshaibi emphasised that Nasma Residences would continue to represent Arada’s immediate priority. Phase 1 of the project, which will include 107 townhouses and villas, and numerous amenities, is scheduled to complete in October 2018.
For further details of Arada’s development strategy, check out the full-length interview with AlKhoshaibi in issue 653 of Construction Week.