Abu Dhabi: Aldar on Thursday announced an AED1.1 billion forward purchase agreement with Arada for three residential blocks comprising more than 1,100 units across nine buildings in Aljada, Sharjah’s flagship mixed-use master development.
The transaction marks Aldar’s first real estate investment in Sharjah and expands its develop-to-hold pipeline to AED21 billion. The deal will add more than 1,100 units to Aldar’s portfolio, with the properties scheduled to be delivered by Arada in the fourth quarter of 2029.
Building on the recently announced AED15 billion development partnership between Aldar and Arada, the transaction gives Aldar access to Sharjah’s large and growing residential market through an established integrated community.
The investment also broadens Aldar’s geographical exposure while adding a high-quality residential opportunity with attractive long-term fundamentals.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, said the investment in Aljada marks the group’s entry into Sharjah’s residential market and expands its portfolio of rental properties in line with its “develop-and-hold” strategy.
He added that Aldar looks forward to further strengthening its partnership with Arada.
Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada, said, “This transaction is a strong vote of confidence in both Aljada and the Sharjah residential market more broadly. This investment marks another step in our growing partnership with Aldar, and we look forward to identifying further opportunities to work together across sectors.”
Aljada is a major mixed-use master development in Sharjah spanning 2.2 million square metres. At full build-out, it is expected to comprise approximately 25,000 residential units, with an anticipated gross sales value of AED35 billion.
Residential handovers have been under way since 2021, with more than 8,800 units delivered across multiple districts.
The community is supported by completed lifestyle, hospitality, education and retail infrastructure, including the Madar family entertainment district, two international schools, two hotels, the Nest student housing complex and more than 300,000 square feet of occupied retail space.
Aljada is within easy reach of Sheikh Mohamed bin Zayed Road and Al Dhaid Road. It is seven minutes from Sharjah International Airport and around 20 minutes from Dubai International Airport, providing connectivity to both Sharjah and Dubai.
Source: Emirates 24|7