Abu Dhabi developer Aldar enters Sharjah with $300mln investment in Arada project

By Zawya

By Staff Writer

Abu Dhabi’s Aldar has signed an AED1.1 billion ($300 million) forward purchase agreement with Sharjah-based developer Arada, marking its first real estate investment in the emirate.

The transaction covers three residential blocks in Aljada, a mixed-use master development in Sharjah, and forms part of Aldar's develop-to-hold strategy, expanding its pipeline of income-generating assets to AED21 billion.

The assets are scheduled for delivery in the fourth quarter of 2029 and an anticipated gross sales value of AED35 billion.

Last month, the two UAE developers partnered to pursue around AED15 billion ($4.1 billion) in development opportunities on Yas Island and at Seih Sdeirah in Abu Dhabi.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com

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