UAE - Mubasher: Arada, the UAE-based property developer, has secured a AED 250 million Islamic facility from Dubai Islamic Bank (DIB) to finance the construction of its Aljada megaproject in New Sharjah.

The credit facility is in addition to an initial AED 300 million financing granted from the bank at the beginning of 2021, according to a press release on Sunday.

The financing will enable the company to accelerate the construction work at Aljada where several major contracts have already been awarded this year, including the construction of a student housing community, Nest, and The Boulevard.

Spanning over 24 million square feet, Aljada features extensive residential, hospitality, retail, commercial, entertainment, and education components.

The Chairman of Arada, Sheikh Sultan bin Ahmed Al Qasimi, commented: "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."

The Group CEO of DIB, Adnan Chilwan, said: "DIB’s core focus is to contribute towards the growth of the UAE, all seven Emirates alike and the partnership with Arada is yet another important milestone in supporting the development in the country."