Arada has announced that it has received a Dhs250 million Islamic facility from Dubai Islamic Bank (DIB) to finance general construction at its Aljada megaproject in New Sharjah.
The credit facility is in addition to an initial Dhs300 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, including the construction of a student housing community, Nest, and The Boulevard, which is a set of three nine-story apartment blocks.
HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said; “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.”
Arada’s sales in 2020 rose by 35% against the previous year to Dhs1.75 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 over Dhs33 billion.