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Abu Dhabi, United Arab Emirates
Aldar Properties, listed on the Abu Dhabi Financial Market, has announced the signing of a pre-purchase agreement with Arada worth AED 1.1 billion to acquire three residential complexes with more than 1,100 units distributed over 9 buildings in the Aljada project in the Emirate of Sharjah.
The company said that the deal represents its first real estate investment in Sharjah, and raises the value of its portfolio of “development and retention” projects to 21 billion dirhams, stressing that Arada will complete and deliver buildings during the fourth quarter of 2029, noting that the acquired units will be allocated mainly for long-term residential rent, according to a statement of the company on Thursday.
The delivery of residential units in the project began in 2021 and 8,800 residential units were delivered and the project includes educational, commercial and recreational facilities
She stressed that the deal comes as a continuation of the strategic partnership announced with Arada recently worth 15 billion dirhams, and allows it to enter the residential real estate market in Sharjah, in addition to expanding its portfolio of residential assets allocated for rent, and the project is one of the mixed-use projects in Sharjah, and extends over an area of 2.2 million square meters, and is expected to include about 25 thousand residential units, with a total sales expected of 35 billion dirhams.
It is noteworthy that the deliveries of the residential units in the project began in 2021, where more than 8,800 housing units have been delivered so far, while the project includes educational, commercial and recreational facilities, in addition to more than 300,000 square feet of occupied retail spaces.
Aldar Properties and Arad signed strategic partnership agreements by the end of September 2026, which include major development opportunities on Yas Island and Sih Al Sudaira in Abu Dhabi, with a total value of AED 15 billion. Initial agreements include the establishment of a strategic joint venture between Aldar and Arad to develop a mixed-use urban complex within a broad master plan in Sih Al Sudaira, between Abu Dhabi and Dubai.
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