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Sharjah Sharjah

Arada Secured Loan for Mega-Project

Arada, a UAE property developer, has secured a AED1 billion (USD272 million) Islamic syndicated loan from UAE banks to help fund a major project in Sharjah.

The money will help pay for the AED24 billion (USD6,5 billion) Aljada, a project designed to cater for growing demand for more housing and leisure activities in the northern emirates.

Construction of Aljada will begin in the first quarter of this year, with the first phase of the project to be delivered in 2019, and the entire development expected to be completed by 2025.

According to Arada, Abu Dhabi Commercial Bank and Dubai Islamic Bank acted as joint mandated lead arrangers and book runners on the transaction.