Arada secures loans worth £215m to fund two major projects in Sharjah

WCN Editorial Team 23 May 2019 BUILDINGS

UAE-based property development company Arada has secured two syndicated loans worth AED1bn (£214.6m) to fund the development of two projects in Aljada and Nasma Residences in Sharjah.

The financing was granted by financial institution Mashreq Bank in the form of two AED600m (£128.8m) and AED400m (£85.8m) loans, which will be used to finance development of Aljada and allow for construction at Nasma Residences to be completed.

Arada chairman Sheikh Sultan bin Ahmed Al Qasimi said: “These facilities will enable us to continue our excellent progress at Aljada and complete all construction at Nasma Residences, where we are preparing to hand over our first homes."

Launched in September 2017, Aljada is the largest mixed-use community in Sharjah. Planned to be delivered in phases starting in 2019, the project is expected to be completed by 2025.

Ideally situated on the last major plot of undeveloped land in the heart of the city, the 24 million square foot Aljada project comprises considerable retail, leisure and entertainment options, as well as a wide range of residential and commercial offerings.

Being developed in phases, construction has already begun at Aljada project with the first homes planned to be handed over by the end of 2019.

Launched in March 2017, Nasma Residences comprises over 900 homes, as well landscaped parks, a GEMS international school and two retail centres.

Spread out over a five million square foot plot in the heart of New Sharjah, the Nasma Residences has excellent connectivity to Dubai and the Northern Emirates.

Arada has already commenced construction work on the first three phases of Nasma Residences, with the first units planned to be handed over in the coming days.

Mashreq Bank corporate and investment banking group head, executive vice-president Ahmed Abdelaal said: “We are not only confident in the management of Arada and their further growth ambitions but also in Sharjah’s real estate market that is positioned to be a major destination for real estate investment in the region.

"The Emirate has introduced various initiatives recently to stimulate the real estate sector, including allowing expats residing in the UAE to purchase property in Sharjah on a 100-year renewable land lease.”

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Image: Officials from Arada and Mashreq Bank. Photo: courtesy of Arada Developments LLC.

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