Dubai-based developer Arada, which already builds homes in the UAE, the UK and Australia, has unveiled its first project in Saudi Arabia, a $3.8 billion scheme in Riyadh's Al Rimal district, located in the capital's fast-growing north-eastern corridor.
The company said on Tuesday, October 20, that the project spans roughly 3.2 million square metres of land, with 2.5 million square metres earmarked for development. The masterplan includes 3,500 villas and townhouses, a school, retail outlets, a community centre, sports facilities, green spaces and 100,000 trees.
Arada chief executive Ahmed Alkhoshaibi said the company has "a good pipeline coming" in Saudi Arabia and expects to announce another project in the kingdom before the end of the year. Construction on Al Rimal is due to start in mid-2027, with completion expected roughly five years after work begins.
Units will be priced between 1,000 and 1,400 Saudi riyals per square foot, equivalent to about $267 to $373. Arada said its longer-term ambition is to deliver 100,000 homes across Saudi Arabia within three to five years, as part of a global target of 200,000 homes across the UAE, UK, Australia and a planned entry into the United States.
The Riyadh debut comes as Saudi Arabia's real estate sector, and the capital in particular, draws growing interest from regional and international developers riding the wave of large-scale urban expansion tied to the kingdom's Vision 2030 plan. Riyadh's population and housing demand have surged in recent years as the government pushes ahead with giga-projects and incentives designed to attract both local and foreign investment into residential development.