Arada buys prime Dubai plot to build 50-storey residential tower
The plot, located in Zaabeel 2, is intended to be the site for a luxurious 50-floor residential tower
Arada, a prominent developer in Sharjah, has acquired a prime land parcel in Zabeel 2, adjacent to the Dubai International Financial Centre (DIFC), signifying a notable expansion move into the upscale Dubai real estate market.
With a value of AED600 million ($163.3 million), the plot was procured from Rital Properties, the real estate subsidiary of Emirates NBD.
Situated strategically between DIFC and Downtown Dubai, the 138,466 sq ft land parcel is in proximity to Index Tower and Central Park Towers.
There are intentions to transform the land into a 50-story luxury residential tower, featuring 400 premium apartments that will offer panoramic views of the Burj Khalifa and Dubai skyline from a central location.
The agreement for the land purchase was formalized at a ceremony hosted at the Emirates NBD Headquarters in Dubai, attended by key figures such as Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, Abdulla Qassem, Chairman of Rital Properties, Ahmed Alkhoshaibi, Group CEO of Arada, and Ahmed Al Sheryani, CEO of Rital Properties.
Prince Khaled said: “This acquisition marks a significant step in strengthening our standing as one of the UAE’s most prominent master developers. The site is our third prime location in Dubai and underscores our commitment to deliver exceptional projects and to contribute to the powerful and dynamic real estate market of this thriving city.”
Design work on Arada’s high-end residential project next to DIFC has already begun, he stated.
Qassem said: “We are passionate about fueling Dubai’s economic engine, and supporting innovative projects that solidify its position as a global hub for luxury living.”
“We look forward to working with Arada and look forward to the successful delivery of this landmark project in the near future,” he added.