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Arada secures AED 1 billion loans to finance 2 Sharjah projects in UAE

Infra News - Published on Fri, 24 May 2019

Image Source: Gulf Today
Arada has secured two syndicated loans worth a total of AED 1 billion with Mashreq Bank, a leading financial institution in the UAE. The two Islamic facilities, worth AED 600 million and AED 400 million, will contribute towards funding the developer’s two lifestyle projects in Sharjah, Aljada and Nasma Residences, respectively. The announcement follows a previous AED 1 billion facility that was arranged in December 2017.

Mr Sheikh Sultan Bin Ahmed Al Qasimi, Chairman of Arada, said that “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. 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. We would like to thank our partners at Mashreq Bank and look forward to working with them as we bring these two projects to fruition.”

Mr Ahmed Abdelaal, Executive Vice President, Head of Corporate and Investment Banking Group, at Mashreq Bank, said: “We are pleased to be collaborating with Arada on the development of these two landmark communities for Sharjah. We are not only confident in the management of Arada and their further growth ambitions but also in Sharjah’s real estate market that is positioned to be a major destination for real estate investment in the region.

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Posted By : Sanju Moirangthem on Fri, 24 May 2019
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