Aldar Enters Sharjah With Dh11 Billion Residential Acquisition
Aldar Properties has signed a Dh1.1 billion ($290 million) deal with Arada to buy more than 1,100 homes in Sharjah. The transaction marks Aldar’s first investment in the emirate. The Abu Dhabi-based developer is adding the properties to its portfolio of homes intended to generate rental income.
The deal covers nine residential buildings across three blocks in Aljada, Arada’s large development in Sharjah. The homes are due for handover in the fourth quarter of 2029 under a forward purchase agreement.
Aldar’s move into Sharjah
Once the deal is completed, Aldar’s develop-to-hold pipeline will rise to Dh21 billion, the company said. These are properties the developer intends to keep and earn income from, rather than sell to individual buyers.
Talal Al Dhiyebi, Aldar’s group chief executive, pointed to Sharjah’s growing residential market as a reason for the move. The investment also gives the company a foothold in Aljada, one of Arada’s main developments.
The two developers have worked together before. In September, they announced plans for projects worth around Dh15 billion in Abu Dhabi. These include a mixed-use community at Seih Sdeirah, near the Abu Dhabi-Dubai border, and three residential plots on Yas Island.
The Sharjah agreement takes their partnership into another emirate, this time through a portfolio of residential buildings.
What Aljada offers
Aljada covers about 2.2 million square metres and is planned to accommodate around 25,000 homes when fully built. Its anticipated gross sales value is Dh35 billion. Residential handovers started in 2021, and more than 8,800 homes had been delivered across the development.
Housing is only part of the wider project. Aljada also includes plans and facilities for schools, hotels, student accommodation, retail and Madar, a family entertainment district.
For Arada, the agreement brings Aldar into one of its flagship developments. Arada chief executive Ahmed Alkhoshaibi said the deal reflected confidence in Aljada and Sharjah’s housing market.
The buildings are scheduled for handover in late 2029. Until then, the agreement sets out a defined delivery timeline for the homes that will eventually form part of Aldar’s residential portfolio.
