Reuters: UAE property developer secures 1 bln dirham loan for mega-project
Arada, a newly-created United Arab Emirates-based property developer, has secured a 1 billion dirhams ($272 million) Islamic syndicated loan from UAE banks to help fund a major project in the northern emirate of Sharjah, it said on Thursday.
The money will help pay for the 24 billion dirham Aljada, a project designed to cater for growing demand for more housing and leisure activities in the northern emirates.
Traditionally, the larger and more glitzy real estate developments have been confined to the wealthy southern emirates of Abu Dhabi and Dubai.
Abu Dhabi Commercial Bank and Dubai Islamic Bank acted as joint mandated lead arrangers and bookrunners on the transaction, Arada said.
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