Arada secures $68mn funding to finance Aljada megaproject construction – MEP MiddleEast

Arada secures $68mn funding to finance Aljada megaproject construction – MEP MiddleEast

UAE-based developer Arada has secured a $68mn (AED250mn) Islamic facility from Dubai Islamic Bank (DIB) to finance the general construction of its Aljada megaproject in the heart of New Sharjah.

The credit facility is in addition to an initial $81.67mn (AED300mn) financing arrangement secured from the bank at the start of this year.

The financing will help accelerate the Sharjah developer's construction work at Aljada, where a number of 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-storey apartment blocks.  

The chairman of Arada, HE Sheikh Sultan bin Ahmed Al Qasimi, 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."

The group CEO of Dubai Islamic Bank, Dr Adnan Chilwan, said: "We are constantly looking at adding value to the DIB franchise, be it in the way