Dubai – Mubasher: ARADA on Thursday announced that it had secured an AED1 billion syndicated loan from two UAE-based banks to finance the development of Aljada project.
The United Arab Emirates-based property developer arranged an Islamic facility with Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank (DIB) as joint mandated lead arrangers and bookrunners, according to a company statement.
“We are pleased to have secured this funding facility, which is a critical milestone on our journey to deliver this fantastic project,” said Sultan bin Ahmed Al Qasimi, ARADA’s chairman.
Unveiled in September, the 24 million-square-foot project is located in Sharjah, with sales value of AED 24 billion, ARADA stated.
“This arrangement once again highlights DIB’s strong positioning within the banking sector across all seven emirates and our commitment to the advancement of and development of the country as a whole,” Adnan Chilwan, DIB’s CEO, commented.
The construction of Aljada is set to begin in the first quarter of 2018 and the entire project is expected to be completed by 2025, while the mega project is planned to be delivered in phases as of 2019, the company concluded.
