A newly created joint venture — named Arada — will develop freehold residential communities in Sharjah and thus try and fill a major gap that exists in the emirate’s real estate space. The promoters of the new entity are Saudi Arabia’s Prince Khaled bin Alwaleed bin Talal Alsaud, founding Chairman of KBW Investments, and the Sharjah’s Basma Group led by Sheikh Sultan bin Ahmed Al Qasimi.
Arada’s development focus for the time being will be on “accessible” residential options, Prince Khalid said. It will target “those looking to invest properties that offer tremendous end-user value,” he added. “Looking ahead, we will stay committed to playing a pivotal role in supporting the government’s mandate and efforts to promote the sustainable cultural and environmental principles of Sharjah … in both emerging and new locations. “In the immediate period following the launch, we will be targeting well-connected destinations that boast a strategic location and provide ease of access to residents coming in and going out of Sharjah.” The first project in the company’s portfolio is to be revealed shortly. “The current shortage in urban communities in Sharjah is causing a real and burning demand not only from families residing in Sharjah, but also from others who want to relocate from other emirates in search of a value proposition,” Prince Khaled added.