The company has received Dhs250M funding from Dubai Islamic Bank for its Aljada project and the additional funds come after an initial financing of Dhs300M from the bank earlier this year.

The financing will help to accelerate the Sharjah developer’s construction work at Aljada, where a number of major contracts have already been handed out this year, including the construction of a student housing community, Nest, and The Boulevard, which is a set of three nine-storey apartment blocks.

HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said; “This announcement is yet another testament to the incredible business growth at Arada, strengthening its position as UAE’s fastest growing master developer, which we have reached by benefiting from the stable and steadily growing Sharjah real estate market.We would like to thank our partners at Dubai Islamic Bank and look forward to working with them to continue the development of this transformational mega community.”

Aljada is spread over a sprawling space of 24 million square foot and features extensive residential, hospitality, retail, commercial, and entertainment and education components.