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The flag of the United Arab Emirates in front of the Dubai International Financial Center
The UAE real estate company Arada has announced the launch of a luxury project in the country, worth 8 billion dirhams (about 2.2 billion dollars) in the emirate of Sharjah.
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In details of the project, Arad CEO Ahmed Al-Khashibi said that the handing over of units of the “Masar” project, which is under construction on an area of 19 million square feet, with a number of four thousand units, will begin in stages from 2023 and end in 2028, It is expected that about 15 thousand people will reside in the project, which will include, in addition to residential and commercial facilities, green spaces and an international school.
Al-Khashibi stressed that the financing of the project will be capital, debt and sales.
Regarding the global economic crisis caused by the Corona pandemic, Ahmed Al-Khashibi said that “despite the pandemic, he expects there will be a strong demand for the project, in which the cost of the house will turn between 1.2 and 3.7 million dirhams. “
He added, explaining, “When disorder becomes mainstream, Sharjah has become a safe destination. It is known for its stability and its people stay for the long haul, and if you look at the people of Sharjah, most of them are from the second generation, this is their home. “
It should be noted that Arad is owned by Sheikh Sultan bin Ahmed Al Qasimi, chairman of the Basma group in Sharjah, and Prince Khalid bin Al Waleed bin Talal, chairman of the board of KBW Investments in Dubai.
Source: “Reuters”
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