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Arada (company)

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Arada is a property development company based in Sharjah, in the United Arab Emirates, with additional operations in Australia

Arada
Company typePrivately Held Company
Founded2017
HeadquartersDubai, United Arab Emirates
Key people
Sheikh Sultan bin Ahmed Al Qasimi (chairman), Prince Khaled Bin Alwaleed Bin Talal Alsaud, (vice chairman), Ahmed Alkhoshaibi (Group CEO),
ProductsReal estate
Number of employees
1,200 (2024)
WebsiteARADA

History

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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.[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 projects valued at AED60 billion in both Dubai [3] and Sharjah [4]

As well as developing residential and mixed-use communities, Arada has also launched a portfolio of supporting brands. These include Wellfit,[5] which operates gyms in Dubai and Sharjah; Zad,[6] a food truck park concept; Manbat,[7] a partnership with the UAE Ministry of Climate Change and Environment that operates Emirati farmers’ markets and shops; and Artal,[8] an Emirati fashion brand. Arada also signed its first master franchise agreement with Australia's Boost Juice in 2023.[9]

In May 2022, Arada was assigned credit ratings by Fitch[10] and Moody’s,[11] and issued its debut $500 million sukuk in the same year.[12] In 2024, the company established a $1 billion sukuk programme, raising an initial $400 million from the programme in June.[13]

In August 2024, Arada announced its first expansion outside the UAE into Sydney. The company has invested AU$200 million on five initial sites in New South Wales, with its first project set to be based in the Sydney suburb of Castle Hill.[14]

Projects

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Nasma Residences

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Launched in March 2017, Nasma Residences is a housing project in the Al Tay suburb of Sharjah.[15] The project has sold out and all six phases have been completed and handed over.[16] Nasma Central, the project's community centre and public park, was completed in 2021.[17]

Aljada

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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.[18][19]

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.[20]

Construction work on Aljada began in the first quarter of 2018, with the entire project scheduled for completion in 2025.[21]

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.[1] The company secured another AED 1 billion in financing in 2019 [22] with further funding valued at AED 337 million [23] and AED 250 million [24] finalised in 2021.

In April 2018, Arada signed a deal with Emaar Properties Hospitality Group to open three hotels in Aljada.[25]

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.[26]

In 2023, the Aljada Skate Park hosted both the Park [27] and Street [28] versions of the skateboarding World Championships, organised by World Skate.[29]

The first homes at Aljada were completed and handed over at the beginning of 2021.[26] So far 7,500 units have been completed out of an expected 25,000 homes, alongside a SABIS-branded school, sporting facilities, restaurants and shops.[30]

Masaar

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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.[31] 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.[32]

In September 2022, the central precinct of the project was opened, marking the first part of Masaar to be completed.[33]

As of September 2024, half of Masaar had been completed, with around 1,500 homes handed over.[34]

Anantara Sharjah Resort and Anantara Sharjah Residences

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In May 2024, Arada announced a partnership with Minor Hotels to launch the Anantara Sharjah Resort and Anantara Sharjah Residences, on Heerah Beach in Sharjah. The project will contain 110 rooms and 128 branded apartments and is scheduled to be completed in 2027.[35]

Jouri Hills at Jumeirah Golf Estates

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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.[36]

Armani Beach Residences at Palm Jumeirah

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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.[37]

W Residences at Dubai Harbour

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In October 2024, Arada announced the sales launch of W Residences at Dubai Harbour, a bra branded residences project that will be operated by Marriott International. Valued at AED5 billion, the three-tower complex will contain 400 apartments and the developer has said that it is scheduled to be completed in 2027.[38]

References

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  1. ^ a b "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. 23 January 2017. Retrieved 2018-12-11.
  3. ^ "Strong Foundations: Ahmed Alkhoshaibi, Group CEO, Arada". Entrepreneur Middle East. Jul 17, 2024. Retrieved 2024-07-17.
  4. ^ "Arada awards first contracts for Masaar". Gulf News. May 30, 2021. Retrieved 2024-05-30.
  5. ^ "Wellfit launches flagship sports and fitness hub in JVC to encourage active lifestyle". Gulf Today. 2022-01-17. Retrieved 2021-11-23.
  6. ^ "Sharjah's new food truck destination is upping the emirates' cool factor". Gulf News. 2020-09-10. Retrieved 2020-09-10.
  7. ^ "From desert to farmland: UAE strives to become a pioneer in climate-smart agriculture". The Hindu. 2023-07-19. Retrieved 2023-07-19.
  8. ^ "Emirati Fashion House Artal Unveils New Boutique in Sharjah". Harpers Bazaar Arabia. 2023-06-22. Retrieved 2023-06-22.
  9. ^ "Sharjah's Arada posts 186% jump in H1 2023 sales". Gulf Business. 2023-07-11. Retrieved 2023-07-11.
  10. ^ "Fitch Ratings Report: Arada Developments LLC". Fitch Ratings. 2022-05-31. Retrieved 2022-05-31.
  11. ^ "Moody's Report: Arada Developments LLC". Moody's. 2022-05-22. Retrieved 2023-04-19.
  12. ^ "Sharjah developer Arada raises $100 mln in tap of existing sukuk". Reuters. 2022-10-20. Retrieved 2023-04-19.
  13. ^ "Sharjah real estate developer Arada's $400mn sukuk issuance draws robust investor demand, oversubscribed 3.5 times". Arabian Business. 2024-06-12. Retrieved 2024-06-12.
  14. ^ "Arada launches into Australia with $2.5bn housing foray". Real Commercial. 2024-10-23. Retrieved 2024-10-23.
  15. ^ "New developer gets cracking with residential community in Sharjah". gulfnews.com. Retrieved 2018-12-11.
  16. ^ "Developer Arada begins handovers at Sharjah's Nasma Residences". GulfBusiness.com. 19 November 2020. Retrieved 2020-11-19.
  17. ^ "Arada unveils Nasma Central community centre for Al Suyouh district". GulfBusiness.com. 19 November 2020. Retrieved 2021-05-10.
  18. ^ "UAE developer to build biggest-ever real estate project in Sharjah". The National. 6 September 2017. Retrieved 2018-12-11.
  19. ^ "UAE property developer launches $6.5 bln Sharjah project". Reurters. September 11, 2017. Retrieved 2017-09-11.
  20. ^ "Sharjah developer awards contract to late Zaha Hadid's firm". gulfnews.com. Retrieved 2018-12-11.
  21. ^ "UAE property developer launches $6.5 bln Sharjah project". Reuters. 2017-09-11. Retrieved 2018-12-11.
  22. ^ "Arada secures $270m loans to help fund Sharjah projects". Arabian Business. 2019-05-22. Retrieved 2019-05-22.
  23. ^ "Sharjah developer Arada secures $91.7mln loan from two UAE lenders". Zawya. 2019-05-22. Retrieved 2021-01-11.
  24. ^ "Arada secures additional Dh250 million funding from Dubai Islamic Bank". Gulf News. 2021-07-11. Retrieved 2021-07-11.
  25. ^ "BRIEF-Emaar Hospitality Group and ARADA Join Hands To Launch Three..." Reuters. 2018-04-12. Retrieved 2018-12-11.
  26. ^ a b "Arada delivers more homes as $6.5bn Sharjah mega project takes shape". Arabian Business. 2021-03-30. Retrieved 2021-03-30.
  27. ^ "Skateboarding World Championships: Britain's Sky Brown wins park gold". BBC. 2023-02-12. Retrieved 2023-02-12.
  28. ^ "Skateboarding Street World championships 2022 in 2023: France's Aurelien Giraud takes men's title". Olympics.com. 2023-02-05. Retrieved 2023-02-05.
  29. ^ "Skateboarding Park World Championships 2022 in 2023: All results, scores and medals - complete list". Olympics.com. 2023-03-03. Retrieved 2023-03-03.
  30. ^ "A 7,000-Year-Old City Emerges as a Haven from Dubai's Sky-High Rents". Bloomberg. 2024-09-29. Retrieved 2024-09-29.
  31. ^ "UAE property developer launches $2.2 billion Sharjah project". Arabian Business. 2021-01-31. Retrieved 2021-01-31.
  32. ^ "Al Marwan Rental Fleet Drives Masaar Infrastructure". Al Marwan Heavy Machinery. 2023-07-29. Retrieved 2023-10-14.
  33. ^ "Arada launches Masaar Discovery Centre". ME Construction News. 2022-10-03. Retrieved 2022-10-03.
  34. ^ "Arada completes 1,000 new homes at mega Sharjah project". Zawya. 2024-09-20. Retrieved 2024-09-20.
  35. ^ "Sharjah is getting a stunningly chic Anantara Resort in 2027". Whats's On. 2024-05-06. Retrieved 2024-05-06.
  36. ^ "Arada launches $544m project in Dubai and aims to expand to Saudi Arabia and Australia". The National. 21 November 2022. Retrieved 2022-11-21.
  37. ^ "Giorgio Armani, Tadao Ando, Arada Partner on Dubai Residential Project". WWD. 4 May 2023. Retrieved 2023-05-04.
  38. ^ "Arada launches $1.36bn three-tower luxury project at Dubai Harbour". The National. 22 October 2024. Retrieved 2024-10-22.
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