ARADA has secured a syndicated loan of AED1 billion from two major UAE banks that will help finance the development of Sharjah’s largest mixed-use megaproject, Aljada. The Islamic facility was arranged with Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank as joint mandated lead arrangers and bookrunners.
HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of ARADA, said: “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.”
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 sq. ft. project has become Sharjah’s fastest-selling residential community.
Dr Adnan Chilwan, Group Chief Executive Officer of Dubai Islamic Bank, said: “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.”
Saoud Al Jassem, Head of Government Clients Division at Abu Dhabi Commercial Bank, said: “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.”
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.
In November, ARADA also broke a record for the number of units sold by a developer in Sharjah in a single day, after all 115 homes in Areej 5, an apartment block in Aljada’s Phase 1, were snapped up by buyers on the day they were released. That followed the announcement of a partnership with Sharjah Electricity and Water Authority (SEWA), which will power the mega development, and the October launch of the Anber Community, a collection of 84 exceptionally designed villas and townhouses ideally located near the heart of Aljada.
Aljada is ideally situated on the last major plot of undeveloped land in the heart of Sharjah, with exceptional connectivity to surrounding areas, and is an all-encompassing district that comprises considerable retail, leisure and entertainment options, in addition to a wide range of residential and commercial offerings.
Delivered in phases starting in 2019, construction on Aljada will begin in the first quarter of 2018 and the entire project is expected to be completed by 2025. The Aljada masterplan is carefully designed with walkability and wide green spaces in mind, allowing residents, workers and visitors the ability to live, work, play and be entertained within an all-inclusive and self-sustained precinct.