Sharjah-based property development company Arada has secured a $68 million Islamic facility from Dubai Islamic Bank (DIB) to finance general construction at its Aljada megaproject in the emirate.
Arada in its statement said that the credit facility is in addition to an initial $81 million financing arrangement secured from the bank at the start of this year.
The financing will help to accelerate the Sharjah developer’s construction work at Aljada, where several major contracts have already been handed out this year, like the construction of a student housing community, Nest, and The Boulevard, which is a set of three nine-story apartment blocks.
“This announcement is yet another testament to the incredible business growth at Arada, strengthening its position as UAE’s fastest-growing master developer, which we have reached by benefiting from the stable and steadily growing Sharjah real estate market. We would like to thank our partners at Dubai Islamic Bank and look forward to working with them to continue the development of this transformational mega community.”
Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, commented, “We are constantly looking at adding value to the DIB franchise, be it in the way we conduct our business or through our large-scale partnerships, and the association with Sharjah’s premium developer, Arada, is a testament of this very fact. DIB’s core focus is to contribute towards the growth of the UAE, all seven Emirates alike and the partnership with Arada is yet another important milestone in supporting the development in the country.”
Aljada is spread over a 24 million square foot plot and featuring extensive residential, hospitality, retail, commercial, entertainment and education components. Launched in 2017, the first homes at Aljada were handed over at the beginning of this year.
Last year, Arada’s sales rose by 35 percent against the previous year to $0.48 billion, boosted by growing demand at Aljada and the sell-out of its first community, Nasma Residences. The introduction of Arada’s third project, Masaar, earlier this year brings the total value of the developer’s project portfolio to more than $8.98 billion.