UAE’s Arad Real Estate Investment and Development (ARAD) targets various investment opportunities in Saudi Arabia and Egypt, it chairman Sultan bin Ahmed Al Qasimi said on Monday.
The company hopes to launch its first project in the kingdom in the near future, Al Qasimi told Mubasher in an interview.
“Saudi Arabia is a great option for the company to invest in due to its steady economy,” he said, adding that the company is also looking to tap the Egyptian market soon.
ARAD had made its debut in the Saudi market by taking part in Cityscape Jeddah as well as opening its first office outside the UAE in Riyadh, he said.
The company’s office located in the Saudi Arabian capital is expected to open officially in September, he said.
ARAD plans to launch one of its projects in Egypt in the future after considering possible opportunities in the market, Al Qasimi noted.
He also highlighted the strength of the Egyptian real estate sector amid the major projects currently being developed in the country.
The company plans to extend its presence in Dubai and aims to launch a new project in the emirates by the end of this year, Al Qasimi said.
He indicated that ARAD will open a new office and sales centre in Abu Dhabi in the third quarter of 2019.
Exceptional financial results
ARAD’s chairman said that the company has recorded exceptional financial results from two projects in Sharjah; Nasma Residences and Aljada.
The company has already begun handing over the units in Nasma Residences, while the construction work at Aljada is on track, he added.
ARADA seeks to launch new units and communities at Aljada, the largest mixed-use real estate project in Sharjah, in the second half of 2019, Al Qasimi revealed.
Moreover, the company has recruited an excellent team of over 200 employees to develop further major projects outside the emirate of Sharjah at the right time, he remarked.