Arada Developments, a property firm established by Sheikh Sultan bin Ahmed Al Qasimi of Sharjah and Prince Khaled bin Alwaleed bin Talal, has awarded a contract worth 604 million dirhams (approximately $164 million) for the construction of the first phase of a new business district in Sharjah. This initiative highlights the growing demand for office space in the United Arab Emirates, particularly amid rising property prices in neighboring Dubai.

Construction is set to begin on eight office buildings, including Arada’s headquarters, which will house around 1,500 employees. The project is expected to be completed by the first quarter of 2027, according to an emailed statement from Arada Developments. The contract was awarded to Modern Building Contracting Co., which will oversee the development of these key facilities.

Sharjah is becoming increasingly attractive to investors following the introduction of a new law that allows foreigners to purchase property in designated areas within the emirate. This legislative change has spurred numerous developers to begin constructing tens of thousands of homes, contributing to the region’s economic growth. The commercial demand in the UAE stands in contrast to declining occupancy rates for commercial properties globally, with both Abu Dhabi and Dubai also expanding their financial districts to cater to the rising interest in their real estate markets.