Dubai – Mubasher: Ajman Bank has signed an agreement to provide Arada with AED 152 million in financing for the construction of two projects in Aljada mixed-use community, Sharjah’s largest megaproject.
The financing comprises the provision of AED 37 million for a villa complex in Aljada and AED 115 million for the construction of the second and final phase of the SABIS International School – Aljada (SIS-Aljada), according to a press release on Monday.
Aljada is a transformational project that includes residential, entertainment, commercial, hospitality, education, and retail components spread over a 24 million square foot area in the Muwaileh district of the city.
The CEO of Ajman Bank, Mohamed Amiri, said: "Our dynamic financing solutions are aimed at steering businesses towards long-term stability by boosting the capacity and unlocking new opportunities which in turn would stimulate the economy."
Meanwhile, the Group CEO of Arada, Ahmed Alkhoshaibi, commented: "Arada’s strong record of sales and delivery has helped us build excellent relationships with a range of financing partners."
