Real estate developer Arada, known for its $6.5bn mega project Aljada will expand its operations to Abu Dhabi and Saudi Arabia in the first half of this year, chief executive officer Ahmed Alkhoshaibi told Construction Week.
Describing Saudi Arabia as a “hugely important” market for Arada, Alkhoshaibi said the development company had noticed investor interest from the country “rise significantly over the course of the last year”.
Saudi Arabian nationals had purchased 250 homes in Aljada and Nasma Residences by the end of 2018, the CEO said.
Opening an office and sales centre in Saudi Arabia was “inevitable”, according to Alkhoshaibi, and Arada is studying a shortlist of Riyadh locations to establish a physical presence in the kingdom during H1 2019.
Wider focus
Arada’s H1 2019 expansion will follow the launch of a new product that will especially appeal to Saudi and Indian investors, and forms part of the company’s increased focus on the wider Gulf market.
The Sharjah-specialist developer’s expansion to Abu Dhabi is similarly driven by strong market appetite, and Alkhoshaibi described response to the launch of Aljada’s second phase – East Village – at Cityscape Abu Dhabi 2018 as “very impressive”.
“At the beginning of February, we tested the Abu Dhabi market further by setting up our first mall stand in Bawabat Al Sharq Mall, which has seen record leads and sales generated,” Alkhoshaibi said.
“As a result, our move to open an office that will double as a sales centre in the UAE capital was just a matter of time. We are also hoping to open this office by the end of June.”
Boost
In addition to the Riyadh office, Arada expects Cityscape Jeddah 2019, which will be held on 5-7 April, to boost the visibility of its projects in Saudi Arabia.
In the same month that it debuts at the Jeddah real estate event, Arada will attend Oman Real Estate Expo, or Orex, in Muscat. Throughout 2019, Alkhoshaibi said, the company will host “roadshow trips to other destinations in the GCC”.
The fundamentals of Arada’s offering – such as its focus on design, “amazing amenities, and an accessible price point” – will ensure its universal appeal with buyers, the CEO added.
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