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Arada expands in Australia with Gold Coast residential project
UAE developer Arada is expanding in Australia with the launch of a project on the eastern Gold Coast, famed for its sandy beaches.
The AED5 billion ($1.4 billion) twin-tower residential project will come up in Broadbeach, marking the developer’s debut in the state of Queensland. It will house close to 1,000 homes and is targeted for completion ahead of the 2032 Olympic Games.
Roberts Co, an Arada subsidiary, is responsible for construction, the developer said in a statement.
The scheme is being developed directly opposite the Gold Coast Convention Centre and will have access to the light rail.
“Broadbeach is a world-class address that gives us the canvas to create a community of exceptional design and lifestyle quality,” said group CEO Ahmed Alkhoshaibi, who was born in Australia.
He said that the project is the company’s first development outside New South Wales.
The Gold Coast – one of Australia’s fastest-growing regions – is witnessing high population growth, supported by interstate migration and major infrastructure investment.
Since entering Australia in 2024, the developer has launched eight residential projects with more than 5,000 units across the country. It acquired Roberts Co last year.
Further reading:
- UAE developer Arada revives Riyadh plans as land prices drop
- Arada to drive Australian bakery’s global expansion
- UAE developer Arada acquires site in south London
This month, Arada said revenue rose just over a fifth year on year to AED3 billion ($817 million) in the first six months although earnings before interest, tax, depreciation and amortisation (Ebitda) fell nearly a third to AED480 million.
Ebitda is a standard profitability yardstick used by developers, stripping out financing and accounting charges to show how a business performs in its core operations.
Launched in the UAE in 2017, Arada was founded by Sheikh Sultan bin Ahmed Al Qasimi, deputy ruler of the emirate of Sharjah, and Prince Khaled bin Alwaleed bin Talal, a member of the Saudi royal family and CEO of KBW Ventures.
Globally, the developer has projects valued at AED130 billion and a portfolio of more than 55,000 homes across the UAE, the UK and Australia.
Source: AGBI