Skip to content Skip to Search
Skip navigation

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

By Pramod Kumar
Arada
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. 

Latest articles

Fakeeh IPO

Institutions snap up share of Fakeeh Care Group IPO in minutes

Institutional investors snapped up their slice of shares in the Saudi healthcare conglomerate Fakeeh Care Group within minutes of the start of the book-building process for the company’s IPO. Fakeeh Care Group, which was founded in Jeddah in 1978, has set the price range for its initial public offering (IPO) at between SAR53 ($14.13) and […]

Lebanon EU aid

Lebanon to receive $1bn in financial aid from the EU

A financial aid package for Lebanon from the EU valued at more than $1 billion was announced on Thursday by the European Commission president, Ursula von der Leyen.  The money, most of which will be grants, will be made available over the next three years. Some will go towards helping to control the flow of […]

UAE minister of industry and advanced technology and Adnoc group CEO Dr Sultan Ahmed Al Jaber (top centre) will become chairman of AIQ

Presight takes majority stake in Adnoc-G42 AI venture

The data analytics company Presight is acquiring a majority stake in AIQ, a joint venture between Abu Dhabi National Oil Company (Adnoc) and G42. Under the agreement, Presight, an Abu Dhabi-listed company, will own 51 percent of AIQ, with Adnoc keeping the remaining 49 percent, a statement released on Wednesday said.  Previously, G42 held 40 […]