Arrangement will fund construction at villa complex and major school at the 24 million sqft mixed-use community in Muwaileh
Ajman Bank has signed a financing agreement with local developer Arada that will provide AED 152 million to finance the construction of two key projects within the fast-growing Aljada mixed-use community, Sharjah's largest ever megaproject. The arrangement has resulted in the provision of AED 37 million in financing for a villa complex within the Aljada community, as well as a further AED 115 million in financing for the construction of the second and final phase of the SABIS® International School – Aljada (SIS-Aljada).
Making the announcement, Mr. 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. Access to finance is critical for development and growth and our goal is to support the UAE's vision to make it easier and more attractive for companies of all sizes to do business in the country. With a strong and engaged approach, we are determined to be part of the emirates' strategic development across all sectors by ensuring companies get the financial support they need. 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.”
The agreement between Ajman Bank and Arada will have a significant impact at Aljada, 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 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.
Mr. 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. We are therefore pleased to partner with Ajman Bank to assist with the delivery of a highly desirable villa community and a world-class school that is a significant addition to Sharjah's already impressive education assets.”
Founded in 2017, Arada has since launched three record-breaking 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 that sets a new standard for community living across the UAE.