Sharjah 24: Arada has announced the appointment of Khalid Al Bakhit to its Board of Directors, as the Dubai-based master developer continues its aggressive expansion plan into new markets and new verticals.
A seasoned industry professional with high-level experience in a variety of public and private sector roles, Mr Al Bakhit serves as Executive Vice President at Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai. Charged with strengthening the Emirate’s economy, ICD manages assets valued at AED1.3 trillion, with holdings in companies such Emirates Group, Emirates NBD, Dubai Islamic Bank, Emirates National Oil Company (ENOC) and Emaar Properties.
Mr Al Bakhit also serves as Chairman of ICD-Brookfield, a real estate fund jointly owned by ICD and Brookfield Asset Management. He is also a Director of ICD-Brookfield Place Dubai limited.
Mr Al Bakhit becomes the fifth member of Arada’s Board of Directors, joining Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada; HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada; Ahmed Alkhoshaibi, Group CEO of Arada; and Khalifa Al Shaibani, Director General of Basma Group.
HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “The appointment of Khalid Al Bakhit is in line with Arada’s strategic growth plans in the UAE and overseas and additionally enhances our efforts towards even stronger governance. He brings an exceptional track record earned at some of the UAE’s largest corporate entities and will help us to deliver on Arada’s strategic goals.”
Khalid Al Bakhit, Board Member of Arada, said: “Arada’s track record of conceptualising and delivering outstanding communities has helped the master developer capture an impressive market position in the UAE in a relatively short space of time. I look forward to working with the existing Board of Directors to help the company achieve its impressive growth plan.”
With over three decades of experience in the UAE’s real estate sector, Mr Al Bakhit has served on the Board of Directors of many of the largest master developers in Dubai, including Nakheel, Meydan, Limitless and Dubai Real Estate Corporation (Wasl).
In the public sector space, Mr Al Bakhit has also served on the Board of the Community Development Authority in Dubai, while his private sector roles have included an eight-year term as a Board Member of Emirates Global Aluminium PJSC (EGA), a company jointly established by ICD and Mubadala PJSC.
Mr Al Bakhit’s appointment comes at a time of growth for Arada, which reported a 100% rise in the total value of property sold to AED7.02 billion in 2023, compared to the previous year. The master developer has launched two new projects this year, Armani Beach Residences at Palm Jumeirah and Anantara Sharjah Resort & Residences, bringing the total value of its project porfolio to AED60 billion. In August, Arada also announced its first overseas expansion into the Australian property market, with the launch of an office in Sydney, alongside a project pipeline valued at AED6 billion.
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