Sharjah Mega Project Aljada Back On Track
Developer Arada, which is building the AED24 billion Aljada real estate scheme in the heart of New Sharjah, has secured new funding from banks to help finance all residential phases of the project. Arada confirmed a new Islamic loan agreement with Dubai Islamic Bank, amounting to an initial AED300 million, as well as a smaller facility with Ajman Bank.
The company said the two agreements follow previous loans totalling AED2 billion, which were secured in 2017 and 2018.
Arada also reported a robust sales performance for 2020, as the developer said it benefited from a raft of project handovers and the stable Sharjah real estate market to overcome the effects of the Covid-19 pandemic. During a challenging year for the UAE property sector as a whole, the total value of real estate sold by Arada rose by 35 percent to reach AED1.75 billion, with investor interest continuing to grow at Aljada.
Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “Against an incredibly difficult backdrop, I am pleased to say that Arada outperformed expectations over the course of 2020, awarding over AED1 billion in contracts and achieving exceptional sales results. In particular, we see the closure of the new financing agreements with Dubai Islamic Bank and Ajman Bank as another vote of confidence not just in Arada but in the resilience of the Sharjah property market.