Arada enters Saudi Arabia with $3.8bn Riyadh project
UAE developer Arada is launching a Dh14 billion ($3.8 billion) residential project in Riyadh and plans to build 100,000 homes in Saudi Arabia over the next three to five years as it expands in the kingdom, its chief executive has said. The company will also launch projects in Jeddah and Makkah as the Saudi market opens for foreign investment. “We have a good pipeline coming, and we will probably…
UAE developer Arada is set to launch a Dh14 billion ($3.8 billion) residential project in Riyadh, with the goal of constructing 100,000 homes in the kingdom over the next three to five years. The company's CEO, Ahmed Alkhoshaibi, revealed that Arada will also launch projects in Jeddah and Makkah as the Saudi market opens for foreign investment.
Arada is a joint venture between KBW Investments, owned by Prince Khaled bin Alwaleed, and Basma Group based in Sharjah. The Saudi market's liberalization has allowed foreigners to buy property in designated zones in Riyadh and Jeddah, while Makkah and Madinah have introduced specific regulations regarding home ownership. Arada's new project will be located in the Al Rimal district in Riyadh's northeastern growth corridor, featuring 3,500 villas and townhouses, as well as a school, retail outlets, community center, sports facilities, and green spaces.
The property will be sold for between 1,000 and 1,400 Saudi riyals per square foot, with construction set to begin in mid-2027 and be completed in five years. Arada KSA, formed in partnership with Saudi property investor Xtopia, has access to a substantial land bank worth Dh49 billion, situated in key strategic locations across Saudi Arabia.
The Saudi government aims to raise the home ownership rate among locals to 70% by 2030, and currently, 66% of Saudi citizens own homes, with one million beneficiaries of government housing support programs. The Al Rimal project will be financed through a Capital Market Authority-regulated investment structure managed by Al Rajhi Capital, with the majority of funds provided by the fund and the bank.
Despite external uncertainties, Arada's property sales in Syria are projected to span between Dh400 million and Dh700 million monthly over the next decade.
Written by urgent.news from The National Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Study of thousands of ancient tombs in UAE, Oman and Saudi Arabia unearths secrets buried in the past thenationalnews.com
- Qatar says Iran-US talks ongoing, backs Saudi Arabia in defending sovereignty thepeninsulaqatar.com
- Lebanese president thanks Saudi Arabia for support, hopes for return of Saudi tourists and flights english.ajel.sa
