UAE's Arada Plans SAR 14 Billion Residential Project in Saudi Arabia

en.Wedoany.com Reported - On October 20, UAE real estate developer Arada announced the establishment of Arada Saudi in partnership with Saudi company XTOPIA, and unveiled its first residential development project in the Lammar district northeast of Riyadh, the capital of Saudi Arabia. According to Arada's official announcement, the project has a planned investment of SAR 14 billion, covers an area of approximately 2.5 million square meters, and is planned to include 3,500 villas and townhouses, with on-site construction and home sales scheduled to commence in 2027.

The residential community will be equipped with schools, commercial retail facilities, a community activity center, and sports facilities, with approximately 100,000 trees planned for planting. Arada Saudi will work with local government authorities to prepare the project's master plan, and will raise development funds through an investment structure managed by licensed financial institutions and regulated by the Saudi Capital Market Authority.

The newly established Arada Saudi is jointly promoted by Arada and XTOPIA, with XTOPIA Chairman Mohammed Dabban serving as Chairman of the new company. The two partners have a developable land reserve of approximately 10 million square meters in Saudi Arabia, distributed across Riyadh, Jeddah, and Mecca.

Arada Chief Executive Officer Ahmed Khoshaimi said in an interview with local media that construction of the Riyadh residential project is planned to begin in mid-2027, with a construction period of approximately five years, and reference home sales prices of SAR 1,000 to 1,400 per square foot. The company also plans to launch residential projects in Jeddah and Mecca.