Construction Week Online: Sharjah’s Arada says new product to draw investors from Saudi Arabia India

28 February 2019

Large Indian expat population in Sharjah to buoy launch that is due “in the coming weeks”, CEO Alkhoshaibi says

Construction Week Online: 28 February 2019

UAE real estate company Arada Developments – jointly founded by KBW Investments and Basma Group, and the builder behind Sharjah’s Nasma Residences and Aljada projects – is set to launch “a new product” that will particularly attract investors from Saudi Arabia and India, chief executive officer, Ahmed Alkhoshaibi, told Construction Week. 

Basma Group is chaired by HE Sheikh Sultan bin Ahmed Al Qasimi, a member of Sharjah’s ruling family, and chairman of Arada. KBW Investments is led by HRH Prince Khaled bin Alwaleed bin Talal, a member of Saudi Arabia’s royal family, and vice chairman of Arada.

Despite the lack of a major marketing push and sales drives in both the wider Gulf and India, there has been a lot of interest in [Arada’s products].

Nasma Residences, Arada’s inaugural development, is valued at $408m (AED1.5bn), whilst the 2.2km² Aljada – expected to become Sharjah’s largest real estate project when it is fully complete – is worth $6.5bn (AED24bn).

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