Mubasher: Arada, a newly-established UAE-based property developer, has announced plans to foray into Saudi Arabia by exploring the medium and long-terms opportunities, vice chairman Prince Khaled bin Alwaleed bin Talal said.
Investments in the oil-rich nation will be the real estate company’s first investment outside the UAE, Arada’s vice chairman told Arabian Business on the sidelines of Cityscape Global in Dubai.
The three-day event, the Middle East’s largest real estate exhibition and conference, kicked off on Tuesday, 3 October at the Dubai World Trade Centre (DWTC), amid massive international and regional investors’ turnout.
The firm’s keenness to enter Saudi Arabia highlighted the kingdom’s major social and economic reforms implemented in 2017, Prince Khaled said, giving no further details on the volume of investments.
“There a lot of changes that have happened in Saudi Arabia. Real estate prices have dropped dramatically are. Rent prices have dropped dramatically,” the official further noted.
On the short-term, Arada is expected to start a new project in the emirate of Dubai in the first quarter of 2019.
