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ARADA secures loan for 24B-dirham mixed-use project in Sharjah

ARADA obtained a syndicated loan of 1 billion United Arab Emirates dirhams from Abu Dhabi Commercial Bank and Dubai Islamic Bank to bankroll the development of Aljada, the largest mixed-use megaproject in Sharjah, U.A.E.

The two banks served as joint mandated lead arrangers and book runners for the facility.

Construction on Aljada is scheduled to start in the first quarter of 2018 and the entire 24 billion-dirham project is anticipated to be completed by 2025.

As of Dec. 27, US$1 was equivalent to 3.67 United Arab Emirates dirhams.