UAE-based Arada has announced the launch of Aljada, a new master-planned community to be developed on over a 2.2-sq-km area in Sharjah at a cost of AED24bn (US$6.5bn).
The project will be funded through a combination of debt and equity, with Arada’s founding partners – Basma Group and KBW Investments, a firm controlled by Saudi Arabia’s Prince Khaled bin Alwaleed bin Talal – putting up AED5bn (US$1.3bn) in funds for the development.
Most of the remaining funding requirements will be met through bank debt and proceeds from sales.
Unveiled in the presence of HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, the master-planned megaproject will feature a diverse array of residential, commercial, retail, leisure, and entertainment offerings, as well as a dedicated business park.
The development, next to Sharjah University City, will eventually accommodate 70,000 people across a series of residential districts with units ranging from villas to townhouses and apartments.
Its residential units will be complemented by open spaces and community amenities, including schools, healthcare clinics, and mosques.
Other attractions include skate parks, an extreme sports centre and the largest children’s adventure and discovery complex in the northern emirates.
Aljada is located just five minutes’ drive from Sharjah International Airport and the Sharjah Airport International Free Zone.
The district’s multiple access points and general road widths will serve to ease congestion.
Slated for completion by 2025, the project is located on the last major plot of undeveloped land in the heart of the emirate.
It will be delivered in a series of phases, with work starting on site early next year and completions expected from 2019 through to 2025, said a statement from Arada.