Arada Unveils Upscale 4,000-Unit Residential Community in Sharjah

Front view of Sendian Parks Villa. Masaar, Arada’s third project, which is valued at AED8billion and located in the Al Juwaiza’a district of New Sharjah. Courtesy Arada
Front view of Sendian Parks Villa. Masaar, Arada’s third project, which is valued at AED8billion and located in the Al Juwaiza’a district of New Sharjah. Courtesy Arada
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Arada Unveils Upscale 4,000-Unit Residential Community in Sharjah

Front view of Sendian Parks Villa. Masaar, Arada’s third project, which is valued at AED8billion and located in the Al Juwaiza’a district of New Sharjah. Courtesy Arada
Front view of Sendian Parks Villa. Masaar, Arada’s third project, which is valued at AED8billion and located in the Al Juwaiza’a district of New Sharjah. Courtesy Arada

Sharjah-based real estate developer Arada has announced the launch of Masaar, the developer’s third project, with a sales value of AED8 billion (USD2.2 billion).

The 19 million square foot upscale project will include 4,000 villas and townhouses in total, all set in eight gated districts linked by Masaar’s signature feature, a lushly landscaped and walkable ‘green spine’.

Construction on Masaar will begin in the second quarter, and the first homes are scheduled to be handed over in the first quarter of 2023.

"Masaar offers a path to the ultimate lifestyle transformation, and a major addition to Sharjah’s residential landscape. It is a serene, exclusive and forested environment that also offers all the comforts of a modern urban district, offering you the best of both worlds,” Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said.

Prince Khaled bin Alwaleed bin Talal, vice chairman of Arada, said, "Masaar has been designed to make its residents happier and healthier, while at the same time providing substantial benefits for the environment.

“The abundance of green space, and an active lifestyle will also help to reduce the stresses of urban life, especially at a time when the importance of safety and security has never been higher. We believe that by uniting people with nature, this community will set a new standard for living in the UAE."

He told Asharq Al-Awsat newspaper that funding is occurring through a combination of shareholders, banking loans, and sales revenues.

So far, Arada has acquired SAR2.3 billion (USD613 million) from the banking funding. “In case any additional funding is needed, the options will be discussed with our partners in the banking sector,” Prince Khaled added.

The Arada Vice Chairman further assured that all buyers from the GCC countries and other Arab countries may purchase properties in Masaar on the basis of the freehold system while buyers from other nationalities may purchase on the basis of the leasehold ownership.



Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.