Arada records 35% rise in sales during 2020 to reach AED1.75b

SourceEmirates Business
SectorReal Estate

SHARJAH / WAMArada has reported a robust sales performance for 2020, as the developer benefited from a raft of project handovers and the stable Sharjah real estate market to overcome the effects of the pandemic. During a challenging year for the UAE property sector as a whole, the total value of real estate sold by Arada rose by 35 percent to reach AED1.75 billion, with investor interest continuing to grow at Aljada, the landmark mixed-use megaproject in the heart of New Sharjah, said an Arada press release issued on Monday. Arada has also confirmed a new Islamic loan agreement with Dubai Islamic Bank, amounting to an initial AED300 million, as well as a smaller facility with Ajman Bank. The two agreements, which will enable the full financing of all residential phases that have been announced by Arada, follow previous loans totalling AED2 billion, which were secured in 2017 and 2018.

Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said, “Against an incredibly difficult backdrop, I am pleased to say that Arada outperformed expectations over the course of 2020, awarding over AED1 billion in contracts and achieving exceptional sales results. In particular, we see the closure of the more...