UAE developer Arada is open to the possibility of an initial public offering in the future, its group chief executive said, after it sold out its new Dh5.6 billion ($1.52 billion) Sharjah project in three hours amid strong demand in the real estate market.
“We are looking potentially to list in three years' time but this is subject to both market conditions and our own performance during that period,” founder and group chief executive Ahmed Alkhoshaibi told The National.
The UAE's real estate market has been booming in recent years amid strong investor demand and residency initiatives by the government.
Sharjah-based Arada had sold all 2,000 units at its 975,000 square metre Masaar 2 development by noon on Thursday, making it the company's fastest-selling off-plan project in the emirate, it said on Thursday.
Construction at the project is due to start before the end of 2025, with the first homes scheduled for completion by the end of 2027. The full development, with all its amenities, will be ready by 2028, Arada said. The units range from two-bedroom townhouses to five-bedroom villas, and features will include "a large-scale, swimmable forest lagoon with waterfall".
Masaar 2 "reflects the impressive strength of the Sharjah market and the wider interest in the UAE as an exceptional investment destination overall", Prince Khaled bin Alwaleed, executive vice chairman of Arada, said in a statement.
Investors at Masaar 2 comprise a diverse demographic thanks to changes in Sharjah real estate laws that opened up freehold properties to all nationalities, Mr Alkhoshaibi said.
“We've seen a growth in Indians, Pakistanis, Europeans and westerners … and [we also have investors coming in] from Australia, Canada, Germany and England,” he said.
“Indians remained the biggest percentage as an individual nationality and the rest is divided between westerners, Eastern Europeans and Arabs, GCC and UAE nationals.”
The Sharjah real estate market has seen strong growth with transaction volumes up 48 per cent to Dh40 billion last year, the state news agency Wam reported last month, citing the Sharjah Real Estate Registration Department.
The number of properties traded by investors also increased last year to 45,676, up from 31,229 in 2023, thanks to strong infrastructure, "the diversity and availability of real estate products, and the decision to allow non-citizens and Gulf nationals to own real estate in Sharjah", the report said.
Arada, which currently serves the Sharjah and Dubai markets, is also looking at entering other emirates, Mr Alkhoshaibi said.
“We have Ras Al Khaimah coming up soon and we're looking at Abu Dhabi,” he said. “We want to continue [aggressively expanding]; we think that's a good balance in the UAE.”
In the wider Gulf region, Arada is also “studying” the market in Saudi Arabia. “We're very close [to entering it],” Mr Alkhoshaibi said.
The developer is also looking to double its Australia portfolio to 5,000 homes in the next three years, he said. The company entered Oceania's biggest economy in August 2024 with key projects in Sydney. A “fourth market somewhere” is also being considered, Mr Alkhoshaibi said.
“We don't just expand for the sake of expanding. If we can't add value to our market, be unique or be competitive, we don't enter it,” he added.
Arada, set up in 2017, covers property development, retail, education and hospitality. It has been expanding operations, and in October launched the Dh5 billion W Residences at Dubai Harbour, as demand for luxury property continues to soar in the emirate.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
RACE CARD
4pm Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m
4.35pm Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m
5.10pm Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m
5.45pm Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m
6.20pm Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m
7.30pm Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m
MATCH INFO
Euro 2020 qualifier
Russia v Scotland, Thursday, 10.45pm (UAE)
TV: Match on BeIN Sports
Read more about the coronavirus
UAE currency: the story behind the money in your pockets
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
RESULTS
ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6
WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4
ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
