In a significant deal that will boost the hospitality landscape of Sharjah, Arada, a joint venture between KBW Investments and Basma Group, has signed a management agreement with Emaar Hospitality Group.

The deal with the hospitality subsidiary of Emaar Properties will see the launch three new hotels in Sharjah.

The three hotels under Emaar Hospitality Group’s premium lifestyle Address Hotels + Resorts, upscale lifestyle Vida Hotels & Resorts, and the contemporary midscale Rove Hotels will be located in Aljada, a 24 million square foot integrated lifestyle destination, and a new leisure and entertainment hub for Sharjah.

The agreement was signed by sultan bin Ahmed Al Qasimi, chairman of Arada, prince Khaled bin Alwaleed bin Talal, vice chairman of Arada, and Mohamed Alabbar, chairman of Emaar Properties, in the presence of senior officials of the two companies as well as Emaar Hospitality Group.

Under the terms of the agreement, Emaar will manage Address Aljada Sharjah with 150 rooms, and Address Residences Aljada Sharjah, an exclusive selection of only 150 serviced residences, located in Aljada’s Central Hub, the heart of the megaproject.

Designed by Zaha Hadid Architects, the 1.9 million square foot cub will be a new focus for leisure and entertainment in the UAE, and a significant addition to an Emirate that is already widely regarded as the cultural capital of the Arab world.

Aljada’s hub will be a major destination for tourists and residents in its own right, offering a carefully selected mix of world-class offerings, complemented by community facilities and an array of retail and dining experiences.

In close proximity is the Vida Aljada Sharjah with 175 hotel rooms and Vida Residences Aljada Sharjah with 120 residences.

Located within Aljada’s Business Park is the 300-room Rove Aljada Sharjah.

The serviced residences under Address and Vida will be offered for sale in the fourth quarter of 2018.

Sultan bin Ahmed Al Qasimi said: “Our flagship development, Aljada is a first-of-its-kind integrated lifestyle destination in Sharjah that will add tremendous value to the economy.

“Hospitality is one of the core aspects of the mega-development.

“With the growth in tourist arrivals to Sharjah, and the emirate’s status as a cultural hub, there is strong potential for building a robust hospitality infrastructure.

“Our agreement with Emaar will bring proven hospitality competencies to this spectacular development that will transform Sharjah’s economy.”