Ajman Bank has signed an agreement with leading Sharjah developer Arada to provide AED152 million ($41.3 million) funding for the construction of two key projects within the fast-growing Aljada mixed-use community in the northern emirate. 

 

The arrangement has resulted in the provision of AED37 million in financing for a villa complex within the Aljada community, as well as a further AED115 million in financing for the construction of the second and final phase of the Sabis International School – Aljada (SIS-Aljada).

 

The agreement between Ajman Bank and Arada will have a significant impact at Aljada, a transformational project for Sharjah that contains residential, entertainment, commercial, hospitality, education and retail components spread over a 24 million sq ft area in the Muwaileh district of the city. 

 

In particular, the financing will help to complete construction at SIS-Aljada, which will have capacity for 4,000 pupils, making it one of Sharjah’s largest schools when the final phase opens in time for the next school year in August 2022.

 

On the deal, Ajman Bank CEO Mohamed Amiri said: "We are glad to extend our support to Arada, one of the region’s most progressive master developers, which is focused on creating immaculately designed and fully integrated communities."

 

"Access to finance is critical for development and growth and our goal is to support the UAE’s vision to make it easier and more attractive for companies of all sizes to do business in the country. With a strong and engaged approach, we are determined to be part of the emirates’ strategic development across all sectors by ensuring companies get the financial support they need," stated Amiri. 

 

"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," he added. 

 

Arada Group CEO Ahmed Alkhoshaibi said: "Arada’s strong record of sales and delivery has helped us build excellent relationships with a range of financing partners."

 

"We are therefore pleased to partner with Ajman Bank to assist with the delivery of a highly desirable villa community and a world-class school that is a significant addition to Sharjah’s already impressive education assets," he added.-TradeArabia News Service