Arada has secured a syndicated loan of $272m (AED1bn) from two major UAE banks to help finance the development of Sharjah’s largest mixed-use megaproject, Aljada.

The Islamic facility was arranged with Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank as joint mandated lead arrangers and bookrunners.

Aljada was unveiled by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, during a ceremony in early September.

Delivered in phases starting in 2019, construction on Aljada will begin in the first quarter of 2018, with the entire project expected to be completed by 2025.

HE Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “We are pleased to have secured this funding facility, which is a critical milestone on our journey to deliver this fantastic project.

“I would like to thank our banking partners and we look forward to working with them as we move forward with the development of Aljada.”

In November, Arada broke a record for the number of units sold by a developer in Sharjah in a single day, after all 115 homes in Areej 5, an apartment block in Aljada’s Phase 1, was sold out on the day of release.

 That followed the announcement of a partnership with Sharjah Electricity and Water Authority (SEWA), which will power the mega development, and the October launch of the Anber Community, a collection of 84 exceptionally designed villas and townhouses ideally located near the heart of Aljada.