The ceremony for the land acquisition took place at the headquarters of the UAE National Petroleum Corporation in Dubai, attended by Arada's Vice Chairman, His Highness Khaled bin Alwaleed bin Talal, Rital Properties Chairman Abdulla Qassem, Arada Group CEO Ahmed Alkhoshaibi, and Rital Properties CEO Ahmed Al Sheryani.

During the event, Arada signed the land purchase agreement with Rital Properties, the real estate subsidiary of Emirates NBD.

As one of Dubai's prominent developers, Arada's strategic acquisition signifies a significant step in consolidating its market presence. The company is committed to delivering exceptional projects and contributing to the vibrant real estate market of this thriving city. With multiple prime locations in Dubai already in its portfolio, this acquisition further strengthens Arada's dominance in the field.

It is reported that the design work for Arada's upscale residential project next to DIFC has already commenced, with all details set to be revealed next year. This announcement comes at the end of a robust year for the Dubai real estate industry, with transactions valued at AED 430 billion, representing a 37% increase compared to the same period last year.

Dubai has consistently ranked among the world's most popular tourist and business cities, drawing countless individuals with its skyline and luxurious lifestyle. As the city continues to develop and grow, the demand for high-end real estate has increased. Hence, Arada's acquisition holds immense strategic significance in meeting market demands.

Arada emphasizes its commitment to sustainability and environmental conservation, stating that innovative technologies and green building materials will be employed in the project's construction to ensure its sustainability. This aligns with the Dubai government's goal of creating a sustainable city.