KBW, Basma Group found UAE-focused developer Arada
New entity plans properties in the UAE, starting with a focus on Sharjah
KBW Investments and Basma Group have announced the formation of Arada, a partnership enterprise dedicated to the creation of prime residential properties.
Headquartered in the UAE, Arada focuses on “creating communities”, aiming to address the ever-expanding mid-market segment, said a joint press release by the two partner companies.
The agreement was signed in Sharjah in December last year between Prince Khaled bin Alwaleed bin Talal, founding chairman of KBW Investments, and Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group.
The two parties said Arada has been conceptualised with the intention of delivering superior properties to the UAE real estate segment and will pursue the development and timely delivery of projects.
Initially focused on Sharjah, Arada will build on the emirate’s vision to position itself as a vibrant cultural and business hub.
Sheikh Sultan will serve as its chairman, while Prince Khaled will act as the company’s vice chairman.
Commenting on the launch, Sheikh Sultan said: “We are very proud to (of our) 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. We have made important strides towards aligning our goals with the leadership’s vision and supporting its ambitious aspirations in partnership with KBW Investments. Today, ARADA is the result of these joint efforts and we are confident that it will play a pivotal role in closing the gap in the underserved sector of urban communities.”
Prince Khaled said: “Over the past few years, KBW Investments has been carefully curating a group of companies that work together across sectors, and have amassed the expertise, scale, and capabilities to contribute to Sharjah’s burgeoning real estate segment. Through our discussions with industry experts and investors, we’ve determined the consumer’s 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. For families and investors alike, owning a property is a rewarding opportunity and presents a solid investment vehicle to plan for the future. Together with Basma Group, we’ve commenced working on ARADA projects that will address this growing consumer need with full strength and confidence.”
