ABU DHABI (ALETIHAD)

Aldar has entered the Sharjah real estate market with a Dh1.1 billion agreement to acquire nine residential buildings comprising more than 1,100 units from Arada in its Aljada master development.

The transaction, announced on Thursday, marks Aldar's first real estate investment in Sharjah and expands its develop-to-hold pipeline to Dh21 billion, according to a statement issued by the company.

Under the forward purchase agreement, Aldar will acquire three residential blocks comprising nine buildings, which will be delivered by Arada in the fourth quarter of 2029.

The acquisition follows the recently announced Dh15 billion development partnership between Aldar and Arada and expands Aldar's geographical presence in the UAE.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, said: "Sharjah is a large and growing residential market, and Aljada provides an attractive entry point through one of the emirate's leading master-planned communities."

"This investment is closely aligned with our develop-to-hold strategy, adding scale to our residential for rent portfolio while broadening our exposure to a new market. We are pleased to deepen our partnership with Arada through a transaction that combines strong strategic fit with attractive long-term fundamentals."

Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada, said the transaction reflected confidence in both Aljada and Sharjah's wider residential property market.

"This transaction is a strong vote of confidence in both Aljada and the Sharjah residential market more broadly. To have a developer of Aldar's calibre and track record choose Aljada as its first investment in the emirate reflects the quality of what we have built here, and the scale of the opportunity that Sharjah represents," he said.

"This investment marks another step in our growing partnership with Aldar, and we look forward to identifying further opportunities to work together across sectors."

The nine buildings will primarily cater to end-users and long-term renters seeking housing at accessible price points within an established integrated community.

Aljada, one of Sharjah's major mixed-use developments, spans 2.2 million square metres and is expected to comprise approximately 25,000 residential units when fully completed, with an anticipated gross sales value of Dh35 billion.

Residential handovers at Aljada began in 2021, with more than 8,800 units delivered across multiple districts.

The development includes completed lifestyle, hospitality, education and retail facilities, including the Madar family entertainment district, two international schools, two hotels, the Nest student housing complex and more than 300,000 square feet of occupied retail space.

Located near Sheikh Mohammed bin Zayed Road and Al Dhaid Road, Aljada is seven minutes from Sharjah International Airport and approximately 20 minutes from Dubai International Airport.

Further developments planned within the community include Arada Central Business District and Madar Mall, which are expected to expand its commercial, retail and leisure facilities.

The companies said they would continue identifying further opportunities to collaborate across sectors as part of their strategic partnership.