SHARJAH, Arada, a property development company in Sharjah, has announced that it has secured an AED250 million Islamic facility from Dubai Islamic Bank (DIB) to finance general construction at its Aljada megaproject in the heart of New Sharjah.

The credit facility is in addition to an initial AED300 million financing arrangement secured from the bank at the start of this year, Arada said in a statement on Sunday.

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-storey apartment blocks.

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.

Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, commented, "We are constantly looking at adding value to the DIB franchise, be it in the way we conduct our business or through our large-scale partnerships, and the association with Sharjah’s premium developer, Arada, is a testament of this very fact.

"DIB’s core focus is to contribute towards the growth of the UAE, all seven Emirates alike and the partnership with Arada is yet another important milestone in supporting the development in the country."

Aljada is spread over a 24 million square foot plot and featuring extensive residential, hospitality, retail, commercial, entertainment and education components. Launched in 2017, the first homes at Aljada were handed over at the beginning of this year.

Source: Emirates News Agency