Arada posts solid sales in 2020, gets funding for Sharjah project
SHARJAH, January 11, 2021
UAE-based developer Arada has reported a robust sales performance for 2020, led by a raft of project handovers mainly at Aljada, its landmark mixed-use project in New Sharjah. It also secured additional financing from two UAE lenders for the project.
Announcing its key achievements for 2020, Arada said despite a challenging year for the UAE property sector as a whole, the total value of real estate sold by Arada rose by 35% to reach AED1.75 billion, with investor interest continuing to grow at Aljada.
The Sharjah developer also confirmed a new Islamic loan agreement with Dubai Islamic Bank, amounting to an initial AED300 million, as well as a smaller facility with Ajman Bank.