Ajman Bank has signed an agreement with Sharjah’s leading developer, Arada, to provide AED152 million ($41.3 million) financing for the construction of two key projects within the growing mixed-use community Aljada rapids in the northern emirate.
The agreement resulted in the provision of AED37 million in funding for a villa complex within the Aljada community, as well as additional funding of AED115 million for the construction of the second and final phase of the Sabis-Aljada International School (SIS-Aljada).
The agreement between Ajman Bank and Arada will have a significant impact on Aljada, a transformation project for Sharjah which contains residential, entertainment, commercial, hospitality, education and retail components spread over an area of 24 million square feet in the city’s Muwaileh district.
In particular, the funding will help complete the construction of SIS-Aljada, which will have a capacity of 4,000 students, making it one of the largest schools in Sharjah when the final phase opens in time for the next year. school in August 2022.
Commenting on the deal, Ajman Bank CEO Mohamed Amiri said, “We are pleased to lend our support to Arada, one of the most progressive master developers in the region, which is focused on creation of perfectly designed and fully integrated communities.”
“Access to finance is essential for development and growth and our goal is to support the UAE’s vision of making it easier and more attractive for companies of all sizes to do business in the country. With an approach strong and committed, we are determined to be part of the strategic development of the emirates in all sectors by ensuring that companies receive the financial support they need,” said Amiri.
“Our dynamic financing solutions aim to steer businesses towards long-term stability by building capacity and opening up new opportunities which, in turn, would boost the economy,” he added.
Arada Group CEO Ahmed Alkhoshaibi said: “Arada’s strong sales and delivery track record has helped us establish excellent relationships with a range of financial partners.”
“We are therefore delighted to partner with Ajman Bank to help deliver a highly desirable villa community and world-class school which is a significant addition to Sharjah’s already impressive educational assets,” he said. he adds.TradeArabia Press Service