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Arada Saudi Arabia has announced the launch of its new real estate development arm in Saudi Arabia, in strategic partnership with Ecstopia, which specializes in the development of multi-use communities and destinations, in a move aimed at enhancing its presence in the Saudi real estate market and developing integrated urban communities in a number of cities in the Kingdom.
The new company is based on a land portfolio of about $13.34 billion, spanning an area of up to 10 million square meters, spread over strategic locations in Riyadh, Jeddah and Mecca, providing a broad base for launching major real estate projects that meet the growing demand for integrated residential communities.
As part of the establishment of its business, Arada Saudi Arabia has appointed Mohammed Al-Dabaan, Chairman of Ecstopia, as Chairman of its Board of Directors, to enhance the use of local expertise and support the company’s plans to expand and consolidate its presence in the Saudi real estate sector.
Arada’s entry into the Saudi market is an extension of its expansion strategy in the global markets, with a total value of about $ 50.37 billion in the development of its project portfolio, distributed over five markets, including Saudi Arabia, the United Arab Emirates, the United Kingdom, Syria and Australia, with a total of more than 70,000 housing units, while the company has completed about 17,000 units so far.
Al-Dabaan: The Saudi housing sector enjoys promising growth opportunities in the coming years
The Chairman of the Board of Directors of Arada Saudi Arabia, Mohammed Al-Dabaan, said that the launch of the company represents a launch for a long-term investment presence in the Kingdom, taking advantage of strategic locations that allow the development of integrated urban communities on a large scale in a number of Saudi cities.
He pointed out that the Saudi housing sector enjoys promising growth opportunities in the coming years, stressing the company's keenness to contribute to achieving the goals of "Saudi Vision 2030" related to the development of the residential sector and enhancing the real estate supply.
Al-Dabaan explained that the partnership combines the global expertise of Arada in the development of integrated communities, and the extensive knowledge of Ecstopia of the local market requirements, providing a strong basis for the implementation of quality projects and building a sustainable presence in the Kingdom.
"Arad Saudi" revealed the first of its projects in the Rimal neighborhood in Riyadh with investments of 3.81 billion dollars
In conjunction with the launch of its work, Arada Saudi Arabia revealed the first of its projects in the Rimal neighborhood northeast of the capital Riyadh, with investments of about $3.81 billion, to be one of the largest real estate development projects announced by the private sector in the capital in recent years.
The project extends over an area of approximately 2.5 million square meters, and includes about 3500 villas and townhouses, in addition to green spaces that embrace about 100,000 trees, as well as a school, commercial facilities, a community center and sports facilities.
The project aims to provide an integrated residential environment that combines service and recreational facilities and natural spaces, allowing residents to meet their daily needs within the community, and supports the company’s orientation towards the development of large-scale residential destinations in the Saudi market.
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