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Mon 23 Jan 2017 06:05 PM

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Prince Khaled's KBW inks deal to develop projects in Sharjah

Son of Saudi billionaire Prince Alwaleed targets emirate's property market with formation of ARADA

Prince Khaled's KBW inks deal to develop projects in Sharjah
Prince Khaled bin Alwaleed bin Talal.

KBW Investments (KBW), the company of Prince Khaled bin Alwaleed bin Talal, and Basma Group (Basma) on Monday announced the launch of ARADA, a partnership enterprise dedicated to the creation of prime residential properties in the UAE.

ARADA has commenced operations with the focus on "creating communities", aiming to address the ever-expanding mid-market segment, a statement said.

The formation follows the signing of an agreement between Prince Khaled, the only son of Saudi billionaire Prince Alwaleed bin Talal, and Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group.

The statement said ARADA will pursue the development and timely delivery of projects with a launch focus on the emirate of Sharjah.

Sheikh Sultan will serve as ARADA’s chairman, while Prince Khaled will act as the company’s vice chairman.

Sheikh Sultan said: “We are very proud to be present here today in a show of strong confidence and commitment to further grow the private sector in the UAE and cement the entrepreneurial spirit of this nation. The property sector remains highly attractive especially in the residential segment which is one of the country’s key pillars for the future.”

Prince Khaled added: “Through our discussions with industry experts and investors, we’ve determined the consumer need for aspirational urban concepts that provide a strong value proposition to Sharjah residents or those looking to invest from other emirates and the larger GCC."

He added that an ARADA project announcement would be made soon.

In 2014, the Sharjah government passed a law opening the door for expats of all nationalities to own property in the emirate thus driving the need for more residential projects.

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