Arada, a prominent developer, has successfully acquired a prime land plot in Zaabeel 2 valued at AED600 million from Rital Properties, the real estate arm of Emirates NBD Properties. The strategic location in Zaabeel 2 is earmarked for a prestigious 50-floor luxury residential tower, signaling a major expansion for Arada. The plot spans 138,466 square feet, strategically positioned next to Dubai International Financial Centre (DIFC), enhancing its appeal and value.
This acquisition marks a significant milestone for Arada, with the planned tower featuring a total of 400 apartments. The purchase ceremony, held at the Emirates NBD headquarters in Dubai, saw the presence of key figures including Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada; Abdulla Qassem, Chairman of Rital Properties; Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada; and Ahmed Al Sheryani, CEO of Rital Properties.
Prince Khaled emphasized the significance of this acquisition in solidifying Arada’s position as a leading master developer in the UAE. The Zaabeel 2 location adds to Arada’s portfolio of prime locations in Dubai, highlighting their commitment to delivering exceptional projects that contribute to the city’s robust real estate market.
Prince Khaled stated, “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.”
Abdulla Qassem, Chairman of Rital Properties, expressed enthusiasm about the collaboration with Arada, emphasizing their dedication to supporting innovative projects that enhance Dubai’s status as a global hub for luxury living. Qassem added, “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.”
With work on the tower already underway, full details of this ambitious project are set to be unveiled in the coming year. This development not only contributes to the city’s skyline but also reflects the dynamism and continuous growth of Dubai’s real estate sector. Arada’s commitment to delivering high-quality, luxurious living spaces aligns with Dubai’s vision of becoming a global destination for upscale residences and further propels the emirate’s status in the international real estate market.
