Arada secures AED 250m Islamic facility from DIB

Arada secures AED 250m Islamic facility from DIB

Arada, the UAE-based property developer, has secured a AED 250 million Islamic facility from to finance the construction of its Aljada megaproject in New Sharjah. The credit facility is in addition to an initial AED 300 million financing granted from the bank at the beginning of 2021, according to a press release on Sunday. The financing will enable the company to accelerate the construction work at Aljada where several major contracts have already been awarded this year, including the construction of a student housing community, Nest, and The Boulevard. Spanning over 24 million square feet, Aljada features extensive residential, hospitality, retail, commercial, entertainment, and education components. The commented: The said: