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Arada’s $163m land plot to house 50-floor residential tower 

Abdulla Qassem, chairman of Rital Properties (left) and Prince Khaled bin Alwaleed bin Talal, vice chairman of Arada at the plot purchase signing ceremony

UAE-based real estate developer Arada will build a 50-storey luxury residential tower adjacent to Dubai International Financial Centre (DIFC).

The company purchased a land plot in Zabeel 2 for AED600 million ($163.36 million) from Rital Properties, the real estate subsidiary of Emirates NBD.

The 138,466 sq ft land plot is close to Index Tower and Central Park Towers. The residential project will house 400 premium units. 

Design work on the high-end residential project next to DIFC has already begun and full details will be revealed this year, Arada said in a statement.

“The site is our third prime location in Dubai and underscores our commitment to deliver exceptional projects,” said vice chairman Prince Khaled bin Alwaleed bin Talal.

The developer launched its first Dubai project – Jouri Hills at Jumeirah Golf Estates – in 2022. It has tied up with the Armani Group and Japanese architect Tadao Ando to build the ultra-luxury Armani Beach Residences at Palm Jumeirah. 

Details of the fourth project in the emirate will be announced in the first quarter of 2024.  

Arada has launched three master-planned communities with a combined value of AED33 billion, including Aljada, Sharjah’s largest-ever mixed-use community. 

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