Prominent UAE developer Aldar has revealed the completion of an AED1.1 billion forward purchase deal with Arada for three residential blocks totaling more than 1,100 units spread across nine buildings in Aljada, Sharjah’s premier mixed-use master project.
Aldar's statement indicated that the transaction represents its initial real estate investment in the emirate and increases its develop-to-hold pipeline to AED21 billion.
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Leveraging the recently revealed AED 15 billion development collaboration between Aldar and Arada, the deal grants Aldar entry to Sharjah’s residential market through an existing integrated community.
The investment expands Aldar’s geographical reach while incorporating a premium residential option with appealing long-term prospects.
On the strategic deal, Group CEO Talal Al Dhiyebi says, “Sharjah is a large and growing residential market, and Aljada provides an attractive entry point through one of the emirate’s leading master-planned communities”.
“This investment is closely aligned with our develop-to-hold strategy, adding scale to our residential for rent portfolio while broadening our exposure to a new market. We are pleased to deepen our partnership with Arada through a transaction that combines strong strategic fit with attractive long-term fundamentals”, he states.
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Arada Group CEO Ahmed Alkhoshaibi says, “This transaction is a strong vote of confidence in both Aljada and the Sharjah residential market more broadly. To have a developer of Aldar’s calibre and track record choose Aljada as its first investment in the emirate reflects the quality of what we have built here, and the scale of the opportunity that Sharjah represents”.
“This investment marks another step in our growing partnership with Aldar, and we look forward to identifying further opportunities to work together across sectors”, he adds.
The deal will increase Aldar’s portfolio by over 1,100 units, with Arada set to deliver the assets in Q4 2029, bolstering Aldar’s ongoing growth and diversification of its develop-to-hold platform.
The nine structures will primarily serve end-users and long-term tenants looking for quality residences at affordable prices within a well-established integrated community.
Aljada is a prominent mixed-use master development in Sharjah, covering 2.2 million sqm and projected to feature around 25,000 residential units upon completion, with an expected total sales value of AED 35 billion. Residential handovers commenced in 2021, resulting in the delivery of more than 8,800 units across various districts.
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The community is backed by established lifestyle, hospitality, education, and retail facilities, featuring the Madar family entertainment zone, two international schools, two hotels, the Nest student housing development, and over 300,000 sq ft of active retail space.