Arada purchased a prime plot of land in the Zabeel 2 area adjacent to the Dubai International Financial Centre (DIFC). This achievement marks another significant milestone for the master developer’s expansion into Dubai’s high-end real estate market. The plot of land is valued at AED600 million or around $163 million. Arada purchased the land in Zabeel from Rital Properties, the real estate subsidiary of Emirates NBD.
Strategic location
The 138,466 square-foot plot of land is located near the Index Tower and Central Park Towers. The land is also strategically located between DIFC and Downtown Dubai. Arada plans to develop the land into a 50-storey luxury residential tower with 400 premium apartments overlooking Burj Khalifa and the stunning Dubai skyline from its central location.
Arada signed the purchase of the Zabeel plot of land during a ceremony at the Emirates NBD headquarters in Dubai. HRH 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 attended the ceremony.
Read: UAE real estate sector marks unprecedented achievements in 2023
Arada’s third prime location in Dubai
On this occasion, HRH Prince Khaled bin Alwaleed bin Talal 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.”
Meanwhile, Abdulla Qassim commented, “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.”
Design work has already begun on the upscale Arada residential project and the company will reveal further details next year. This announcement comes at the end of a strong year for Dubai’s real estate sector. The sector witnessed a 37 percent increase in the value of real estate transactions during the first nine months of 2023. Thus, real estate transactions recorded AED430 billion.
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