Arada secures financing for Aljada mixed-use project
The Sharjah-based developer ARADA says it has secured a syndicated loan of AED 1 billion ($272m) from two major UAE banks to help finance the emirate’s largest mixed-use megaproject, Aljada.
The Islamic facility was arranged with Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank as joint mandated lead arrangers and bookrunners, the developer said.
Sheikh Sultan bin Ahmed Al Qasimi, Chairman of ARADA, said: “We are pleased to have secured this funding facility, which is a critical milestone on our journey to deliver this fantastic project. I would like to thank our banking partners and we look forward to working with them as we move forward with the development of Aljada.”
Aljada is a master-planned destination with a sales value of AED24 billion. The 24 million sq. ft. project has become Sharjah’s fastest-selling residential community, the developer said.
Adnan Chilwan, Group CEO of Dubai Islamic Bank, said: “DIB is delighted to offer its support to the development of Aljada, an impressive initiative that is important to the future of Sharjah. As the largest Islamic Bank in the UAE, Dubai Islamic Bank has been actively involved in supporting the major projects across the UAE. This arrangement once again highlights DIB’s strong positioning within the banking sector across all seven emirates and our commitment to the advancement of and development of the country as a whole.”
In November, ARADA says it broke a record for the number of units sold by a developer in Sharjah in a single day, after all 115 homes in Areej 5, an apartment block in Aljada’s Phase 1, were snapped up by buyers on the day they were released.
Delivered in phases starting in 2019, construction on Aljada will begin in the first quarter of 2018 and the entire project is expected to be completed by 2025.