Arada has purchased a prime land plot in Zabeel 2 adjacent to Dubai International Financial Centre (DIFC), marking yet another significant expansion milestone for the master developer into the high-end Dubai property market.

Valued at $163 million, the plot was purchased from Rital Properties, the real estate subsidiary of Emirates NBD. The 138,466 sq ft land plot is close to both Index Tower and Central Park Towers.

Strategically positioned between DIFC and Downtown Dubai, plans are in place to develop the land into a 50-floor luxury residential tower, containing 400 premium apartments, offering views of the Burj Khalifa and the stunning Dubai skyline from a central location at the heart of the city’s prominent financial hub.

The plot purchase was signed at a ceremony held at the Emirates NBD Headquarters in Dubai. The event was attended by HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, Mr. Abdulla Qassem, Chairman of Rital Properties, Mr. Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada, and Mr. Ahmed Al Sheryani, CEO of Rital Properties.

Mr. Qassem commented that “We are passionate about fueling Dubai’s economic engine, and supporting innovative projects that solidify its position as a global hub for luxury living. We look forward to working with Arada and look forward to the successful delivery of this landmark project in the near future.”

Design work on Arada’s high-end residential project next to DIFC has already begun and full details will be revealed next year. The announcement comes at the end of a strong year for Dubai’s property sector, which has seen a 37 percent rise in the value of real estate transactions during the first nine months of this year to $117 billion, compared to the same period last year.