KBW Investments (KBW) and Basma Group (Basma) have teamed up to launch a new property developer targeting the residential market in the UAE.
Drawing on the vast experience of its founding parties, ARADA will focus on creating communities within the ever-expanding mid-market segment, according to a statement.
The agreement was signed in Sharjah in early December by HRH Prince Khaled bin Alwaleed bin Talal, founding Chairman of KBW Investments, and HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Basma Group.
With a launch focus on the emirate of Sharjah, ARADA will build on the governments vision to position the emirate as a vibrant cultural and business hub.
The new organisation is led by the highest figures from Basma Group and KBW, whereby HE Sheikh Sultan bin Ahmed Al Qasimi will serve as ARADAs Chairman, while HRH Prince Khaled bin Alwaleed bin Talal will act as the companys Vice Chairman.
Commenting on the launch, HE Sheikh Sultan bin Ahmed Al Qasimi, said: The property sector remains highly attractive especially in the residential segment which is one of the countrys key pillars for the future.
We have made important strides towards aligning our goals with the leaderships vision and supporting its ambitious aspirations in partnership with KBW Investments. Today, ARADA is the result of these joined efforts and we are confident that it will play a pivotal role in closing the gap in the underserved sector of urban communities.
HRH Prince Khaled bin Alwaleed bin Talal 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 Sharjahs burgeoning real estate segment.
Through our discussions with industry experts and investors, weve determined the consumer 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, weve commenced working on ARADA projects that will address this growing consumer need with full strength and confidence.
Prince Khaled added that an ARADA project announcement would be made in the immediate term.
In 2014, the Sharjah government passed a law opening the door for expats of all nationalities to own property in the emirate thus driving the need for more residential projects.
That same year, the Sharjah Urban Planning Council was formed with the mandate to create urban communities that promote the sustainable cultural and environmental principles of Sharjah. ARADA will play a pivotal role in driving Sharjahs development forward.