September 11, 2017 / 1:01 PM / a year ago

UAE property developer launches $6.5 bln Sharjah project

DUBAI, Sept 11 (Reuters) - A United Arab Emirates real estate developer has launched a 24 billion dirham ($6.5 billion) project in the emirate of Sharjah, in a sign of demand for high-end housing spreading to the north of the country from the south.

The wealthy southern emirates of Dubai and Abu Dhabi have traditionally attracted the largest and most glitzy real estate projects, but economic growth and demand from residents fleeing rising living costs in the south are starting to change that.

The 2.2 sq km (0.8 sq mile) Aljada project, Sharjah’s largest mixed-use development, will be delivered in phases starting in 2019 and is expected to be completed by 2025, developer Arada said on Monday.

In addition to residential and commercial facilities, the area will include parks, an extreme sports centre and entertainment venues in an effort to boost Shajah’s tourism industry.

Arada did not say how the project would be financed. The company was founded last year by Prince Khaled bin Alwaleed bin Talal, chairman of Dubai-based KBW Investments, and Sheikh Sultan bin Ahmed al-Qasimi, chairman of Basma Group, a Sharjah conglomerate. (Reporting by Andrew Torchia; Editing by David Goodman)

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