The National: Arada clinches AED1 billion of financing for Sharjah real estate projects
News: 23 May 2019
The National reports on a loan deal with Mashreq Bank to fund construction at Aljada and Nasma Residences
The National: 23 June 2019
Arada, the Sharjah-based real estate developer, secured Dh1 billion of loan financing to help fund the construction of its Aljada mixed-use mega-project and another scheme, Nasma Residences, it said on Wednesday.
The bank financing takes the form of two sharia-compliant syndicated loans worth Dh600 million and Dh400m, respectively, from Dubai’s Al Mashreq Bank. The agreement follows a previous Dh1bn facility arranged in December 2017.
Arada is a joint venture between KBW Investments – a firm controlled by Saudi Arabia’s Prince Khaled bin Alwaleed bin Talal – and Sharjah-based Basma Group.
“These facilities will enable us to continue our excellent progress at Aljada and complete all construction at Nasma Residences, where we are preparing to hand over our first homes,” said Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada.
“We see the successful closure of this transaction as a sign of confidence not just in Arada but in the entire Sharjah property market as well.”
Read the full article here.
