The Aldar Sharjah deal marks the Abu Dhabi developer’s first real estate investment in the emirate, according to Gulf News and other reports.
Aldar Sharjah deal: what was agreed
Aldar Properties has agreed to buy residential buildings in Sharjah’s Aljada development from Arada for Dh1.1 billion. The forward purchase covers more than 1,100 homes. Aldar will receive the homes in the fourth quarter of 2029. As a forward purchase, the deal means Aldar takes ownership when the buildings are complete.
The Aldar Sharjah deal lifts Aldar’s develop-to-hold pipeline to Dh21 billion. It also follows a recently announced Dh15 billion development partnership between the two companies.
About Aljada Sharjah
Aljada covers 2.2 million square metres. According to Arada, it expects about 25,000 homes at full build-out, with an anticipated gross sales value of Dh35 billion. Handovers began in 2021, and Arada has delivered more than 8,800 units. Existing facilities include the Madar family entertainment district, two international schools, two hotels and a student housing complex.
Planned additions include the Arada Central Business District and Madar Mall. The community sits near Sheikh Mohammed bin Zayed Road and Al Dhaid Road. Arada says it is about seven minutes from Sharjah International Airport.
Why the Aldar Sharjah deal matters
Aldar’s group chief executive described Sharjah as a large and growing residential market. Arada’s chief executive called the deal a vote of confidence in Aljada. However, both statements come from the companies involved, so they carry a promotional tone. Independent data on Sharjah’s market will show whether demand supports the new supply.
Read more on the Aldar and Arada websites, and follow our real estate news for updates on the Aldar Sharjah deal.
Source: Based on reports by Gulf News and other outlets, and company statements from Aldar and Arada.
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