Abu Dhabi-based developer Aldar has completed an AED 1.1 billion forward purchase deal with Arada to acquire nine residential buildings in Sharjah. Spread across three blocks, the deal covers more than 1,100 housing units within the Aljada master community. The investment marks Aldar’s entry into the Sharjah real estate market and increases its develop-to-hold portfolio to AED 21 billion.

Scheduled for handover by Arada in the fourth quarter of 2029, the nine properties will expand Aldar’s residential-for-rent platform. The units will target end-users and long-term tenants within the established project. The transaction builds on a previously announced AED 15 billion development partnership between the two corporate entities.

Covering 2.2 million square metres, Aljada is expected to hold approximately 25,000 residential units upon completion, carrying an estimated gross sales value of AED 35 billion. Handover of homes began in 2021, with more than 8,800 units delivered across various districts. The master community features existing retail, education and leisure facilities, including the Madar entertainment hub, two international schools, two hotels and student housing complexes. Located near Sheikh Mohammed bin Zayed Road and Al Dhaid Road, the district sits seven minutes from Sharjah International Airport.

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