Arada, the Sharjah-based real estate developer backed by the son of Saudi Prince Alwaleed bin Talal, is targeting Dh2 billion of revenues by next April, as it progresses unit sales on two schemes in Sharjah and ramps up plans to expand in Dubai, Saudi Arabia and Europe over the coming years.
"The founders of Arada set out a 5-10-year roadmap, where the focus was to become the leader in Sharjah," said Arada chief executive Ahmed Alkhoshaibi in an interview with The National. "The next step is Dubai, with multiple projects, then we'll be going to Saudi Arabia, then London or Milan or both."
Arada is a joint venture between KBW Investments – a firm controlled by Saudi Arabia’s Prince Khaled bin Alwaleed bin Talal – and Basma Group.
It unveiled the 2.2 million square kilometre Aljada mixed-use community last year as Sharjah’s largest-ever scheme to date with a projected sales value of Dh24bn. The company has sold 90 per cent of phase one residential units and started sales for the second phase at the Cityscape Abu Dhabi event last week.
The project, which has ten phases, is due to be completed in 2025, while deals to appoint operators of a hotel and hospital are expected to conclude in the coming weeks. Arada is also building the 800-home Nasma Residences scheme in Sharjah, scheduled for completion in 2018.
UAE real estate prices have declined in the past two years due to low oil prices and muted demand, but developers have launched several tourism, housing and mixed-use projects in Sharjah in recent months as the emirate seeks to raise its profile and compete with its neighbour Dubai.
Mr Alkhoshaibi said Arada was experiencing no such downturn in “resilient” Sharjah, where the company closed Dh150m of sales last month, bringing its total sales value since last April to Dh1bn.
“My target for the next 12 months is Dh2bn of revenue – with this growth trajectory we are not seeing a downturn.”
The wider UAE market will bottom out in 2018, he added, with prices rising thereafter fuelled by Expo 2020 and other government initiatives. “We’re entering Dubai soon – we’re going to announce that we’re launching our first project in Dubai so we’re confident it’s a good time to be coming in,” he added.
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Read more:
Sharjah’s Arada, Emaar ink hotel deal at $6.5bn mega-scheme
Shurooq, Eagle Hills unveil plans for Dh2.7bn trio of real estate projects in Sharjah
UAE developer to build biggest-ever real estate project in Sharjah
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The first Dubai project will be a "signature" residential tower in the upper-midscale bracket, located in Dubai Marina or fast-growing Business Bay. Arada's shareholders own several parcels of land in Dubai, but the company is in talks to acquire other plots more appropriate for a first launch.
Arada plans to enter Saudi Arabia from around 2020, most likely Riyadh, depending on market conditions. “From a residential point of view, Saudi is suffering and we need to come in at the right time,” Mr Alkhoshaibi said. Average villa and apartment rents in the kingdom declined by 5 per cent year-on-year in the fourth quarter of 2017, and average sales prices by 4 per cent, according to consultancy JLL Mena.
Beyond that, Saudi Arabia is going through a more fundamental social and economic transformation underpinned by Vision 2030. “They are going through a transition and you need to know where to position yourself in that. Foreign investment laws are changing so we are studying what is happening,” he said.
Mr Alkhoshaibi is also group chief executive of Arada's co-owner KBW Investments, and says the private equity firm is targeting its first partnership acquisition in the next three months, after talks to acquire Middle Eastern contractor Habtoor Leighton Group broke down in 2017. "I was confident we'd close it but during the due diligence process we were not aligned," he told The National.
KBW is eyeing two other acquisitions before the end of this year, with one likely to be in the aviation services sector. “It’s a market that has a good growth trajectory overall and there are synergies with our existing portfolio companies,” he said.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Naga
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
COMPANY%20PROFILE
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Company%C2%A0profile
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
