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.
Monday, 11 January, 2021 - 11:15
SHUAA Capital has bought 1.13 billion dirhams of debt held by Stanford Marine Group (SMG) as part of its restructuring. (Asharq Al-Awsat) Dubai - Asharq Al-Awsat
A consortium led by the United Arab Emirates financial firm, SHUAA Capital, has bought 1.13 billion dirhams ($308 million) of debt held by Stanford Marine Group (SMG) as part of its restructuring, the companies said on Sunday.
The plan has helped save more than 1,800 jobs and annual exports of close to $20 million worth of UAE-manufactured vessels at the ultramodern Grandweld shipyard’s facility in Dubai Maritime City.
The debt buyout has supported banks in exiting a distressed debt situation with a cash recovery.
Dubai-based marine services firm SMG has struggled since the collapse in oil prices in 2015, which led to a dramatic fall in chartering rates and a dryi.
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