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The Sharjah-based real estate developer, Arada, has announced a partnership with the Dubai Islamic Bank (DIB) to offer buyers of its Aljada and Nasma projects options for homeownership. This developer has sold 4,000 units in the last two years. Arada, HE Sheikh Sultan bin Ahmed Al Qasimi, revealing that 2019 had resulted in Arada's "best two months of sales".
In a statement, Al Qasimi added, "Reaching this sales target during a challenging period for the real estate sector in the UAE says a lot about the strength of the Sharjah property market.
"This new partnership with DIB is another way in which we make every effort to make the lives of our buyers easier and more efficient.
"We look forward to working closely with our partners to speed up the delivery process of our homes."
The housing finance partnership with DIB will allow property buyers to access mortgage rates and flexible payment plans, in addition to salary-free processing.
DIB is also opening a kiosk at the Arada sales center in Sharjah and has appointed a dedicated relationship manager to handle requests from Arada buyers.
Commenting on the merger, Varun Sood, chief financial officer of the DIB, said: "As one of the most experienced and experienced ShariaAs law-abiding lenders to the region, we have considerable expertise in transparent and efficient housing finance solutions.
"We look forward to ensuring that Arada property buyers can benefit from our expertise in this area as they prepare to move into their new homes."
Arada has begun to divest its first homes in Nasma Residences, which are expected to be completed by the second quarter of 2020, and ongoing construction work in its five phases.
Construction is also progressing in Aljada, where the first houses are expected to be delivered in the first quarter of 2020.
Phase 1 of Aljada's Central Pole, a structure designed by Zaha Hadid Architects, will open in the third quarter of 2019.
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