UAE-Based Arada Finalises New Islamic Financing Agreements with Dubai Islamic Bank and Ajman Bank

Arada, a property developer in Sharjah, based in the United Arab Emirates (UAE), announced the confirmation of a new Shariah-compliant loan facility worth AED 300 million from Dubai Islamic Bank and a smaller facility (AED 37 million) from Ajman Bank.

The facilities, which were announced on the 11th of January 2021, are set to assist Arada in the funding of its on-going and planned residential projects. Prior to this, Arada has taken out loans totalling AED 2 billion in 2017 and 2018.

In December 2020, Arada launched plans for a community development project called Naseej District. Around the same time, Arada also announced the launch of two other developments, Vida Residences Aljada, (in partnership with Emaar Hospitality) and the Sarab Garden Villa Community.  

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