UAE developer Arada awards $49mln contract to Al Ashram Contracting

Arada was founded in 2017 by Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group

  
Arada has awarded the construction contract to build The Boulevard, an upscale residential complex at its Sharjah mega-community Aljada. Image Courtesy: WAM

Arada has awarded the construction contract to build The Boulevard, an upscale residential complex at its Sharjah mega-community Aljada. Image Courtesy: WAM

The UAE-based real estate developer Arada has awarded a 180 million-dirham ($49 million) contract to Dubai-based Al Ashram Contracting LLC to build a residential complex in Sharjah.

Work on the project, The Boulevard in Aljada, will begin immediately, and homes in the project will be handed over by the end of 2022, Arada said in a statement Sunday.  

Arada was founded in 2017 by Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group, and the Saudi Prince Khaled bin Alwaleed bin Talal, founding Chairman of KBW Investments.

So far this year, Arada has already completed 465 units at seven apartment buildings in Aljada, with another seven apartment buildings and a townhouse and villa community at the project scheduled to be completed in the next few months. In February, the developer also awarded a 367-million-dirham contract to build Nest, a student housing complex. 

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021


More From Real Estate