The National: Sharjah’s Arada, Emaar ink hotel deal at $6.5 billion mega-scheme

The National: Sharjah's Arada, Emaar ink hotel deal at $6.5 billion mega-scheme

News: 12 April 2018

Emaar Hospitality Group to manage 600 hotel rooms and additional serviced apartments

Arada, the Sharjah-based real estate developer, signed a deal with Emaar Hospitality Group, a division of Dubai’s largest listed property company, to open a trio of hotels at the Dh24 billion ($6.5bn) Aljada mega- community due to complete in 2025.

Aljada is a transformational project for Sharjah, and our partnership agreement with Emaar is further proof of that,” Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada and a member of Sharjah’s ruling family, said in a statement on Thursday.

The chairman did not disclose the value of the deal. “All three hotels are in the concept stage and it is too early to give an accurate indication of their investment value,” he said.

“That being said, these hotels will significantly raise the profile not only of Aljada, but Sharjah as a whole, providing more choices for consumers and allowing visitors from the UAE and overseas a perfect place to stay within the city.”

Sharjah aims to attract more than 10 million visitors to the emirate by 2021, under a strategy devised by the Sharjah Commerce and Tourism Development Authority.

Read the full article here.