The Islamic facility was arranged with Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank as joint mandated lead arrangers and bookrunners.
“We are pleased to have secured this funding facility, which is a critical milestone on our journey to deliver this fantastic project. I would like to thank our banking partners and we look forward to working with them as we move forward with the development of Aljada,” said HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of ARADA.
Aljada, a master-planned destination with a sales value of AED24 billion that is set to transform the future of Sharjah, was unveiled by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, during an exclusive ceremony in early September. Since that date, and helped by ARADA’s first appearance at the Cityscape Global real estate showpiece, the 24 million square foot project has become Sharjah’s fastest-selling residential community.
“DIB is delighted to offer its support to the development of Aljada, an impressive initiative that is important to the future of Sharjah. As the largest Islamic Bank in the UAE, Dubai Islamic Bank has been actively involved in supporting the major projects across the UAE. This arrangement once again highlights DIB’s strong positioning within the banking sector across all seven emirates and our commitment to the advancement of and development of the country as a whole,” said Dr. Adnan Chilwan, Group Chief Executive Officer of Dubai Islamic Bank.
The financing agreement caps a busy few months for Aljada and the developer behind the project, ARADA. On 15 December, ARADA hosted Red Bull Torque, a brand new motorsports experience featuring highly tuned desert buggies at the Aljada site, with 1,000 visitors enjoying for the first time a purpose-built events destination. ARADA will now roll out a calendar of further events at the site, focusing on sports, entertainment and family activities.
“Abu Dhabi Commercial Bank is very pleased to be collaborating with ARADA over one of the UAE’s landmark megaprojects. Our team quickly recognised the value of this development and has worked hard to deliver an extremely competitive financing transaction for our client,” said Saoud Al Jassem, Head of Government Clients Division at Abu Dhabi Commercial Bank.
Construction on Aljada will begin in the first quarter of 2018 and the entire project is expected to be completed by 2025.