As part of its plans to expand its portfolio, Sharjah developer Arada is launching a project worth AED 6.3 billion ($1.71 billion) office park in Sharjah. The company also has plans to unveil five new residential projects in the UAE.
According to the company's Chief Executive Officer, Ahmed Alkhoshaibi, the new business park will include 4.3 million square feet of leasable space. The park is set to be completed in four phases as part of Arada's AED 24 billion Aljada master plan.
The first phase of the development, coined Arada Central Business District (CBD), will start in the first quarter of 2023. This initial phase of the development is scheduled for completion two years later in 2025. But, in its entirety, the project is expected to be finished in 2028.
THE SIGNIFICANCE OF A NEW OFFICE PARK IN SHARJAH
At present. Sharjah only has free zones that are performing strongly. Yet, the introduction of an independent corporate business park will be the first of its kind in Sharjah. This development from Arada is anticipated to have a meaningful impact as Sharjah currently has no office parks at all!
Many businesses both inside and outside of Sharjah wish to move to a Grade A office space with enhanced facilities and infrastructure. So, the office park development from Arada is in a prime spot to accommodate this demand. The firm is also in talks with authorities to get free zone status for the project, thus enhancing its attractiveness for businesses.
PLANS TO ATTRACT INTERNATIONAL TECH COMPANIES
Arada’s goal is to draw businesses from the UAE, especially Sharjah. However, it also seeks to entice technology businesses from across the globe. To do so, it is collaborating with the UAE government through the NextGenFDI initiative. An area solely for technology companies will also be announced soon.
The UAE hopes to draw 300 digital enterprises as part of the NextGenFDI project during the next six to twelve months. As part of the scheme, the nation is providing incentives, such as lower visa requirements and access to financing. This will help to further assist digital businesses in moving their operations to the UAE.
OUTLOOK FOR ARADA’S CENTRAL BUSINESS DISTRICT
The CBD is well connected to Sharjah City Center, Dubai, and the Northern Emirates through Sheikh Mohammed bin Zayed Road. This is due to the project’s location within the superbly interconnected Aljada master plan. Additionally, Sharjah International Airport and Dubai International Airport are both about a 20-minute drive from the business park proving the project to be in an ideal location.
Equally, the first cluster of Arada CBD is expected to begin construction in the first quarter of 2023. This will include 812,000 square feet of Grade A and Grade B leasable space distributed among eight exquisitely designed structures. In addition, the cluster has 26,500 square feet of retail space, 1,666 parking spots, and 76,000 square feet of green space.
Overall, Arada CBD’s launch comes at a strong time for Sharjah’s economy. It has not only seen building permits in Sharjah worth AED 9.344 billion in the first half of 2022 alone. But at a time when Oxford Business Group also projects Sharjah’s economy to expand at an annual rate of 5% over the next few years.
