The Sharjah-based property developer has secured financing worth 337M UAE Dirhams from Dubai Islamic Bank and Ajman Bank.
After a turbulent and unprecedented year in 2020, Arada was pleased to end the year on a positive note as their residential units in Sharjah were received exceptionally well and were taken-up quickly. The new loans from Dubai Islamic Bank (amounting to 300M UAE Dirhams) and Ajman Bank (37M UAE Dirhams) will help assist the developer in financing their residential projects.
Shaikh Sultan bin Ahmed Al Qasimi, Chairman of the company, commented: “We see the closure of the new financing agreements with Dubai Islamic Bank and Ajman Bank as another vote of confidence not just in Araba but in the resilience of the Sharjah Property market.”
Arada also announced at the end of last year that the construction of a new community called the Naseej District in Sharjah was underway and they also launched two other developers – the Vida Residencies Aljada, which was launched in partnership with Emaar Hospitality and the Sarab Garden Villa Community.