Ajman Bank will provide AED152 million ($41 million) to local developer Arada to finance the construction of two key projects within the fast-growing Aljada mixed-use community, Sharjah’s largest ever megaproject.
While AED37 million will finance a villa complex within the Aljada community, AED115 million will finance the construction of the second and final phase of the SABIS International School – Aljada (SIS-Aljada).
Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We are glad to extend our support to Arada, one of the region’s most progressive master developers, which is focused on creating immaculately designed and fully integrated communities.”
“Our dynamic financing solutions are aimed at steering businesses towards long-term stability by boosting the capacity and unlocking new opportunities which in turn would stimulate the economy,” he said.
Aljada is a transformational project for Sharjah that contains residential, entertainment, commercial, hospitality, education and retail components spread over a 24 million square foot area in the Muwaileh district of the city.
In particular, the financing will help to complete construction at SIS-Aljada, which will have a capacity for 4,000 pupils, making it one of Sharjah’s largest schools when the final phase opens in time for the next school year in August 2022.
Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada, stated, “Arada’s strong record of sales and delivery has helped us build excellent relationships with a range of financing partners.”
Founded in 2017, Arada has since launched three communities in Sharjah. The developer’s first project, Nasma Residences, became Sharjah’s fastest-selling community when its first phase sold out in less than a month.
Five of the six phases at Nasma Residences have been completed. In January 2021, Arada launched Masaar, its third project, which features 4,000 homes located in an upscale forested community.