KBW Investments (KBW) and that of Sharjah Basma Group (Basma) announced the formation of ARADA, a new real estate developer who will focus on mid-range residential properties. ARADA is the third company created by the two partners in the past year, following the formation of construction companies Klampfer Middle East LLC and Arcadia Middle East LLC in April 2016, both based in Sharjah.
ARADA’s immediate objective will be to develop the communities of the emirate of Sharjah, building on the emirate’s position as a vibrant cultural and commercial center. Shareholders believe the new company can capitalize on underserved areas of urban communities, delivering quality living experiences through ergonomically designed homes.
The new brand aims to establish itself as a brand of reliability, commitment to quality and end-user value, providing investment opportunities for residents and potential investors in the UAE and GCC. ARADA also aims to play a key role in the development of urban communities, in the context of Sharjah’s broader goals for sustainable urban development.
The Emirate of Sharjah updated the laws regulating its real estate market in 2014 to allow foreign expatriates living in the UAE to purchase property in areas authorized by the government. Previously, the goods could only be sold to UAE nationals, other Gulf Cooperation Council (GCC) nationals and Arab nationals with valid UAE resident visa, but not to the many other nationalities living in the Emirates.
In the last two years Sharjah Town Planning Council has developed a strategic plan to manage the urban development of Sharjah in a sustainable manner that meets the needs of urban communities. The plans include key urban infrastructure projects, efficient transport services and pedestrian safety, residential services and safety, environmental best practices and plans to develop key urban areas for future socio-economic benefits.
His Excellency Sheikh Sultan bin Ahmed Al Qasimi of Basma Group will serve as Chairman of ARADA, while His Royal Highness Prince Khaled bin Alwaleed bin Talal of KBW Investments will act as Vice Chairman of the company.
Source: KBW Investments, Basma Group