Acquisition of a AED 600M (USD 163.3M) plot in Dubai by Arada

The Sharjah-based developer Arada has recently expanded its presence in the Dubai property market by acquiring a plot worth a huge AED 600M (USD 163.3M) in Za’abeel 2. This strategic move will enable Arada to construct a magnificent 50-floor luxury residential tower on the spacious 138,466 sq. ft plot. The complex plans to house 400 premium apartments, catering to the discerning tastes of potential buyers.

Arada, known for its exceptional projects, revealed that the plot for its third project in Dubai was purchased from Rital Properties, which is the real estate subsidiary of Emirates NBD. The location of the plot is highly desirable, as it is nestled between DIFC and Downtown Dubai.

With design work already underway, Arada is committed to delivering a world-class residential project next to DIFC. The details of this high-end development will be unveiled next year, generating much anticipation among potential investors.

Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, expressed his satisfaction with the recent acquisition, stating that it marks a significant milestone in the company’s journey as one of the UAE’s most prominent master developers. He further emphasised Arada’s dedication to delivering exceptional projects and contributing to the dynamic real estate market of Dubai.

Arada has been making waves in the Dubai real estate market, with the successful launch of its first project, Jouri Hills in Jumeirah Golf Estates, in late 2022. In addition, the company has also announced a collaboration with the renowned Armani Group and the acclaimed Japanese architect Tadao Ando, to develop the Armani Beach Residences at Palm Jumeirah.

As Arada continues to make strides in the real estate sector, the company has exciting plans for a fourth project in Dubai, set to be announced in the first quarter of 2024. With these ambitious expansion plans and a strong commitment to delivering excellence, the developer is poised to make a lasting impact on Dubai’s thriving real estate market.