Media ININ Economy We Trust
Media IN Sharjah 22-05-2019 WAM
Al Manad Real Estate Development Company has signed an agreement with Mashreqbank for syndicated loans worth AED 1 billion to contribute to the resumption of construction work on the two projects in Sharjah, Al Jadah and Masaken Residences.
A syndicated loan is one that is providedby a group of lenders and is structured, arranged, and administered by one or several commercial banks or investment banks known as lead arrangers
The announcement of the mega-financing comes after the acquisition of “Mandr” similar funding previously AED 1 billion in December 2017.
These Shariah-compliant financing solutions will enable us to continue construction on Al Jadida and complete all construction work in Nesma Residences as we prepare to deliver the first group of Naseem Houses to its owners in the near future.
Al Jadeeda is one of the largest and most innovative new real estate developments in Sharjah with a total value of AED 24 billion and will contribute, once completed, to a brighter future in the Emirate.
The first phase of the mall is expected to be delivered by the end of this year.
The first phase of the center will be delivered in September, which will be one of the most exciting new leisure destinations in the UAE following the victory of Zaha Hadid International Architecture Designed its master plan.
The first phase units are sold within less than one month of its launch and comprise more than 900 homes supported by several world-class facilities. The first group of units is expected to be handed over to owners within the next few days.
