Ajman Bank has signed an agreement with Arada, the Sharjah-based developer, to provide $41.3 million funding for the construction of two key projects within the Aljada mixed-use community in the northern emirate.
A statement said that the agreement has resulted in the provision of $10 million in financing for a villa complex within the Aljada community, as well as a further $31.3 million in financing for the construction of the second and final phase of the Sabis International School – Aljada (SIS-Aljada), which will have capacity for 4,000 students, making it one of Sharjah’s largest schools when the final phase opens in time for the new school year in August 2022.
The agreement will between Ajman Bank and Arada will have a significant impact on the community, which is rapidly progressing with residential, entertainment, commercial, hospitality, education and retail components spread across and area of 24 million sqft in the Muwaileh district of the city, the statement said, adding that the financing will be particularly useful in helping complete the construction of SIS-Aljada.
On the deal, Ajman Bank CEO Mohamed Amiri said: “We are glad to extend our support to Arada, one of the region’s most progressive master developers, which is focused on creating immaculately designed and fully integrated communities.”
“Access to finance is critical for development and growth and our goal is to support the UAE’s vision to make it easier and more attractive for companies of all sizes to do business in the country. With a strong and engaged approach, we are determined to be part of the emirates’ strategic development across all sectors by ensuring companies get the financial support they need,” stated Amiri.
“Our dynamic financing solutions are aimed at steering businesses towards long-term stability by boosting the capacity and unlocking new opportunities which in turn would stimulate the economy,” he added.
Arada Group CEO Ahmed Alkhoshaibi added: “Arada’s strong record of sales and delivery has helped us build excellent relationships with a range of financing partners.”
“We are therefore pleased to partner with Ajman Bank to assist with the delivery of a highly desirable villa community and a world-class school that is a significant addition to Sharjah’s already impressive education assets,” he concluded.