Reach AED1.75 billion, secures additional financing from two UAE lenders

27 July 2021

• Developer sold 2,337 units last year across Aljada and Nasma Residences
• Project financing agreements with Dubai Islamic Bank and Ajman Bank will cover all announced phases of construction at Aljada
• Nearly 1,000 homes delivered at Nasma Residences and commercial leasing started at new family entertainment destination Madar at Aljada

Arada 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 Covid-19 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% to reach AED1.75 billion, with investor interest continuing to grow at Aljada, the landmark mixed-use megaproject in the heart of New Sharjah.

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.