Arada Developments, a property firm co-founded by Sheikh Sultan bin Ahmed Al Qasimi of Sharjah and Prince Khaled bin Alwaleed bin Talal of Saudi Arabia, has awarded a contract worth 604 million dirhams (approximately $164 million) for the construction of the first phase of a business district in Sharjah. This initiative reflects a growing interest in commercial real estate within the emirate.

The construction project will commence with the development of eight office buildings, which will include the headquarters for Arada itself. This headquarters will be a nine-floor building designed to accommodate 1,500 employees and is expected to be completed by the first quarter of 2027, as stated in an email from Arada.

The new business park is part of a larger $9.5 billion project known as Aljada. The project is strategically positioned to tap into the rising demand for office spaces in the UAE, particularly as property prices in Sharjah have surged alongside those in its more glamorous neighbor, Dubai.

In contrast to the declining occupancy rates for commercial properties in cities globally, the UAE, particularly Abu Dhabi and Dubai, is experiencing expansion in its financial districts. Sharjah is enhancing its appeal to investors by passing legislation that allows foreigners to purchase property in designated areas, thus attracting numerous developers who are now constructing tens of thousands of homes.