UAE Property Developer Arada Secures USD 41.4 Million from Ajman Bank to Finance Aljada Project

January 27, 2022 | Updated at January 28, 2022

The United Arab Emirates-(UAE) based Ajman Bank has signed an AED 152 million (USD 41.4 million) agreement with Shariah-based property developer Arada to finance the construction of two key projects in the company’s Aljada master plan.

Why it Matters?

Aljada is a mixed-use development project that includes residential, entertainment, commercial, hospitality, education and retail outlets across a 24 million square foot area in the Muwaileh district of Sharjah, UAE. The financing amount secured from the agreement will see the use of AED 37 million (USD10.075 million) for a villa complex within the Aljada community and AED 115 million (USD 31.3 million) to build the second and final phase of the SABIS International School-Aljada (SIS-Aljada).