Dubai: Ajman Bank is extending Dh152 million as project finance to Sharjah’s Arada for its Dh24 billion Aljada development. Of the funds, Dh37 million will be for a villa complex, while Dh115 million goes into the construction of a second – and final – phase 0f the Sabis International School.
The SIS-Aljada school 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. Aljada is spread over 24 million square foot in Sharjah’s Muwaileh district.
“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,” said Mohamed Amiri, CEO, Ajman Bank. “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.”
Arada currently has 5,000 homes under construction at its three Sharjah projects, with 4,000 of these likely to be completed this year.
