Sharjah-based developer Arada has secured an additional AED 250 million ($68 million) in funding from Dubai Islamic Bank for ongoing construction of its Aljada megaproject.
The credit facility is in addition to its initial AED 300 million secured from the bank at the start of 2021.
The company said the financing will help to accelerate construction work at Aljada, where contracts have been awarded for a student housing community, Nest, and The Boulevard, which is a set of three nine-storey apartment blocks.
Aljada is a 24 million sq.ft. development featuring residential, hospitality, retail, commercial, entertainment and education components. It was launched in 2017, and the first homes were handed over at the beginning of 2021.
Arada’s total project portfolio is now worth more than AED33 billion, the company said.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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