Arada open to IPO on market growth as $1.52bn Sharjah project sells out in three hours
UAE developer Arada is open to the possibility of an initial public offering in the future, its group chief executive said, after it sold out its new Dh5.6 billion ($1.52 billion) Sharjah project in three hours on strong demand in the real estate market. 'We are looking potentially to list in three years' time, but this is subject to both market conditions and our own performance during that period,' Ahmed Alkhoshaibi told The National. The UAE's real estate market has been booming in recent years on strong investor demand and residency initiatives by the government. Sharjah-based Arada sold out all 2,000 units at its Masaar 2 development by noon on Thursday, making it their fastest-selling off-plan project in the emirate, it said on Thursday. Investors comprised a diverse demographic thanks to changes in Sharjah real estate laws that opened up freehold properties to all nationalities, Mr Alkhoshaibi said. 'We've seen a growth in Indians, Pakistanis, Europeans and westerners … and [we also have investors coming in] from Australia, Canada, Germany and England,' he said. 'Indians remained the biggest percentage as an individual nationality and the rest is divided between westerners, Eastern Europeans and Arabs, GCC and UAE nationals.' Arada, which currently serves the Sharjah and Dubai markets, is also looking at entering other emirates, Mr Alkhoshaibi said. 'We have Ras Al Khaimah coming up soon and we're looking at Abu Dhabi,' he said. 'We want to continue [aggressively expanding]; we think that's a good balance in the UAE.' In the wider Gulf region, Arada is also 'studying' the market in Saudi Arabia. 'We're very close [to entering it],' Mr Alkhoshaibi said. The developer is also looking to double its Australia portfolio to 5,000 in the next three years, he said. The company entered Oceania's biggest economy in August 2024 with key projects in Sydney. A 'fourth market somewhere' is also being considered, Mr Alkhoshaibi said. 'We don't just expand for the sake of expanding. If we can't add value to our market, be unique or be competitive, we don't enter it,' he added.
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