KBW Investments (KBW) and Sharjah’s Basma Group (Basma) have announced the formation of ARADA, a new property developer to be focused on mid-market residential properties. ARADA is the third company established by the two partners over the past year, following the formation of construction ventures Klampfer Middle East LLC and Arcadia Middle East LLC in April 2016, both headquartered in Sharjah.
ARADA’s immediate focus will be on developing communities in the emirate of Sharjah, building on the emirate’s position as a vibrant cultural and business hub. The shareholders believe that the new company can capitalise on underserved sectors of urban communities, delivering quality living experiences via ergonomically-designed homes.
The new brand aims to establish itself as one of reliability, commitment to quality and end-user value, providing investment opportunities for prospective residents and investors in the UAE and GCC. ARADA also aims to play a key role in developing urban communities, in the context of Sharjah’s wider goals for sustainable urban development.
The Emirate of Sharjah updated laws regulating its property market in 2014 to allow foreign expatriates living in the United Arab Emirates to purchase property in zones authorised by the government. Previously, property could only be sold to UAE nationals, other Gulf Cooperation Council (GCC) nationals and Arab nationals with a valid UAE resident visa, but not to the many other nationalities living in the Emirates.
Over the past two years Sharjah Urban Planning Council has developed a strategic plan to manage Sharjah’s urban development in a sustainable way that serves the needs of urban communities. Plans include key urban infrastructure projects, efficient transport services and pedestrian safety, residential services and safety, environmental best practices and plans to develop key urban areas for future socio-economic benefit.
His Excellency Sheikh Sultan bin Ahmed Al Qasimi of Basma Group will serve as ARADA’s Chairman, while His Royal Highness Prince Khaled bin Alwaleed bin Talal of KBW Investments will act as the company’s Vice Chairman.
Source: KBW Investments, Basma Group