Sharjah-based Arada is “very focused” on exploring opportunities in Saudi Arabia in the medium and long-terms after first expanding to Dubai, vice chairman Prince Khaled bin Alwaleed bin Talal said on Tuesday.
Speaking to Arabian Business on the sidelines of Cityscape Global in Dubai, Prince Khalid explained that Saudi Arabia will likely be the first destination for expansion outside the UAE.
“We’ll step next to us first before jumping into other continents, but short-term we’re thinking Dubai, and we’ll be announcing something hopefully in Q1 next year,” he said, without disclosing further details.
“In the medium, to long-term, we’re very focused on Saudi. [That is] really one of the countries where we’re going to concentrate our efforts on.”
Additionally, Prince Khalid said the focus on Saudi Arabia reflects significant changes that have taken place in Saudi Arabia over the last year.
“There are a lot of changes that have happened in Saudi Arabia. Real estate prices have dropped dramatically. Rent prices have dropped dramatically,” he said.
“We’re seeing a downward trend in the real-estate market right now, and it will be somewhat leveling up, if not upticking, by the time that we start implementing our plans for Saudi Arabia.”
At Cityscape Global, Arada also unveiled the design of the ‘Central Hub’ of its $6.8 billion Aljada development in Sharjah, a fully-walkable 1.9 million sq. ft space designed by Zaha Hadid Architects.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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