Sharjah-based developer Arada has launched Arada Saudi Arabia, a new real estate company with access to a 10 million square meter land portfolio valued at SR50 billion ($13.3 billion) in Riyadh, Jeddah and Makkah, according to an announcement published by Okaz on Monday.
The company was set up in a strategic partnership with Extopia, which develops communities and mixed-use destinations. Extopia’s chairman has been appointed chairman of Arada Saudi Arabia.
The first project is a SR14 billion residential masterplan in the Al Rimal district of northeast Riyadh. It covers about 2.5 million square meters.
The community will include about 3,500 villas and townhouses, 100,000 trees, a school, retail space, a community center and sports facilities.
The Al Rimal project will be funded through an investment structure regulated by the Capital Market Authority and managed by a licensed finance company. Sales and construction are due to start in 2027.
Arada’s portfolio under development is valued at about SR189 billion across five markets. It includes more than 70,000 homes in Saudi Arabia, the UK, Syria, Australia and the UAE, and the company has delivered about 17,000 homes so far.
“The launch of Arada Saudi Arabia represents the beginning of a long-term presence in the Kingdom,” the new company’s chairman said in the statement. He said the Saudi housing market has strong growth opportunities in the coming years.
