Sharjah:Aldar has entered into a forward purchase agreement worth AED1.1 billion with Arada for three residential blocks in the Aljada development, comprising over 1,100 units across nine buildings. This transaction represents Aldar's first venture into Sharjah's real estate market and expands its develop-to-hold pipeline to AED21 billion, with the units set to be delivered by Arada in the fourth quarter of 2029.
According to Emirates News Agency, the investment allows Aldar to tap into Sharjah's growing residential market through a well-established community, enhancing its geographic portfolio with a high-quality residential opportunity. This transaction follows the recent AED15 billion development partnership between Aldar and Arada, further solidifying their collaboration.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, highlighted that the investment aligns with the company's "develop-and-hold" strategy, as it aims to expand its portfolio of rental properties. He looks forward to strengthening the partnership with Arada. Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada, expressed confidence in the Aljada project and the broader Sharjah residential market, noting the significance of this transaction in their partnership with Aldar.
Aljada, spanning 2.2 million square meters, is a leading mixed-use master development in Sharjah, expected to house about 25,000 residential units with a gross sales value of AED35 billion. Since 2021, over 8,800 units have been delivered, with the community offering extensive lifestyle, hospitality, education, and retail amenities. Located conveniently near major roads and airports, Aljada provides strong connectivity to both Sharjah and Dubai.