News
Arada launches $1.7bn commercial hub in Sharjah, UAE
The Dubai-based communities’ developer Arada has launched the Central Business District, a new commercial hub for Sharjah, with a cost of 6.3 billion dirhams ($1.71 billion) at Aljada amid a boom in Emirate’s economy.
Spread over 4.3 million square feet of prime leasable space located in 40 smart office blocks, Arada CBD can accommodate 20,000 workers, fulfilling the substantial demand for a contemporary business district in Sharjah and catering to the needs of the future workplace for companies across the UAE and beyond.
Image Credit: Arada.com
The region’s first post-pandemic business park features employee-friendly elements and landscaped ‘green spine.’
The region’s first business park to be conceptualized after the pandemic, Arada CBD, is defined by contemporary urban architecture designed to inspire staff and enhance productivity.
Flexible and wide, open floor plans enhance collaboration and benefit from floor-to-ceiling windows allowing more natural light, while each office also benefits from smart technology that is part of Aljada’s overall smart city program, which will use next-generation solutions that are linked to everything from waste and traffic management to the circular economy and smart lighting solutions.
The signature feature of Arada CBD is the ‘green spine.’ This forest park runs the length of the district, containing shaded walkways, an amphitheater, art installations, seating areas, and spaces set aside for activities and quiet reflection. All external green spaces, indoor trees, and plants are fed using recycled water from Aljada’s onsite treatment plant.
Greenspine- Image Credit: Arada.com
HH Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said: “Arada CBD is aligned with Sharjah’s vision to position itself as a leading business hub, attracting companies of all sizes and talents from across the UAE and beyond. The launch of Arada CBD fulfills our promise to provide a transformational urban experience where residents can work, live and play.”
Arada CBD also contains a mix of café, dining, and retail spaces, all carefully curated to serve local employees, and the district is also served by extensive parking. The Rove Aljada hotel, located within Arada CBD, offers convenient hospitality for business trips from other parts of the UAE or overseas and dining options for the local workforce.
According to Oxford Economics, the launch of Arada CBD complements the ongoing growth of the Sharjah economy, which is projected to grow at 5% annually for the medium term. One of the region’s most vibrant and diverse economies, with 96% of GDP derived from non-oil sectors, the Emirate also attracted AED808 million in foreign direct investment (FDI) in 2021.
Leasing has begun with the first phase of eight blocks to be completed in 2025
Scheduled to break ground in the first quarter of 2023, the first cluster of Arada CBD features 812,000 square feet of Grade A and Grade B leasable space spread across eight impeccably designed buildings. The cluster also includes 1,666 parking spaces, 76,000 square feet of landscaped green space, and 26,500 square feet retail space.
Image Credit: Arada.com
By the time the first cluster of Arada CBD is ready in the first half of 2025, there will already be 20,000 living within the Aljada community.
Aljada is Sharjah’s largest ever project and a transformational destination for the Emirate.
Spread over a 24 million square foot area, Aljada has numerous residential districts, extensive retail, hospitality, entertainment, sporting, educational, and healthcare components, and Arada CBD, all within a green urban master plan. So far, Arada has completed almost 1,500 homes at Aljada, with another 6,000 currently under construction.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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