Aldar Enters Sharjah Property Market With Dh1.1 Billion Deal
The forward purchase agreement, announced on Thursday, covers three residential blocks within Aljada, one of Sharjah's largest mixed-use developments, with delivery scheduled for the fourth quarter of 2029.
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The transaction expands Aldar's develop to hold investment pipeline to Dh21 billion, strengthening its portfolio of income-generating residential properties and extending its presence into a new emirate.
First investment in Sharjah
The acquisition marks Aldar's entry into Sharjah's residential property market and follows a recently announced Dh15 billion development partnership between Aldar and Arada.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, said the investment aligns with the company's strategy to expand its residential rental portfolio while entering new markets.
“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,” Al Dhiyebi said.
He added that the agreement would strengthen Aldar's partnership with Arada and provide exposure to a market with attractive long-term investment fundamentals.
More than 1,100 homes expected by 2029
The nine residential buildings will add more than 1,100 units to Aldar's portfolio when delivered by Arada in the fourth quarter of 2029.
The properties are expected to cater primarily to end-users and long-term renters seeking quality housing at accessible prices within an integrated community.
The acquisition supports Aldar's strategy of developing and acquiring assets for long-term ownership and rental income.
Arada highlights growing demand in Sharjah
Ahmed Alkhoshaibi, Group Chief Executive Officer of Arada, said Aldar's first investment in Sharjah reflects confidence in the emirate's residential property market and the Aljada development.
“This transaction is a strong vote of confidence in both Aljada and the Sharjah residential market more broadly,” Alkhoshaibi said.
He added that the agreement represents another step in the companies' growing partnership, with both developers exploring further opportunities across different sectors.
Aljada to feature 25,000 residential units
Aljada spans approximately 2.2 million square metres and is expected to comprise around 25,000 residential units when fully completed.
The development has an anticipated gross sales value of Dh35 billion, with more than 8,800 homes already delivered since residential handovers began in 2021.
The community includes the Madar family entertainment district, two international schools, two hotels, the Nest student accommodation complex and more than 300,000 square feet of occupied retail space.
Additional projects, including Arada Central Business District and Madar Mall, are expected to expand the development's commercial, retail and leisure offerings.
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