Dubai: The Sharjah developer Arada has secured two syndicated loans totalling Dh1 billion with Mashreq Bank. The two Islamic facilities, worth Dh600 million and Dh400 million, will fund its two projects in Sharjah, Aljada and Nasma Residences.
This follows an earlier Dh1 billion facility arranged in December 2017. “We see the successful closure of this transaction as a sign of confidence not just in Arada but in the entire Sharjah property market as well,” said Shaikh Sultan bin Ahmad Al Qasimi, Chairman of Arada.
Aljada is situated on the last major plot of undeveloped land in the heart of the city. It spans 24 million square foot.
Launched in March 2017, Nasma Residences will see the handover of the first homes shortly. In all, there will be more than 900 homes, as well as a school and two retail centres, The project covers 5 million square feet.