Ajman Bank, a UAE-based Shariah-compliant bank has partnered with Arada, a leading privately-held property developer in Sharjah, to provide $41.3 million funding for the construction of two key projects within the fast-growing master plan community, Aljada.
The funding includes the construction of a $10.07 million villa complex within the Aljada community and a further $31.3 million for the construction of the second and final phase of the Sabis International School – Aljada (SIS-Aljada).
The deal between Ajman Bank and Arada will make a significant change in Sharjah’s newest address Aljada Community. The financing will help to complete construction at SIS-Aljada school, which will have the capacity for 4,000 pupils, making it one of Sharjah’s largest schools when the final phase opens in time for the next school year in August 2022.
Mohamed Amiri CEO – Ajman Bank
“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,” Mr. Amiri added.
Meanwhile, Arada Group CEO Mr. Ahmed Alkhoshaibi stated that, “Arada’s strong record of sales and delivery has helped us build excellent relationships with a range of financing partners.”
Mr. Alkhoshaibi further added that, “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.”
Aljada is a destination where everything is at fingertips that contain residential, entertainment, commercial, hospitality, education, and retail components spread over a 24 million square feet area in the Muwaileh district of the city.
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