Aldar has agreed to buy nine residential buildings with more than 1,100 homes from Arada in Sharjah for AED1.1 billion, its first real estate investment in the emirate.
The forward purchase agreement covers three residential blocks in Aljada, Arada’s master-planned community in Sharjah, the two developers said.
Arada will build the assets and hand them over in the fourth quarter of 2029.
The homes will join Aldar’s residential-for-rent portfolio. The deal lifts Aldar’s develop-to-hold investment pipeline to AED21 billion.
Aldar said the buildings will target end users and long-term renters looking for quality housing at accessible prices.
Talal Al Dhiyebi, group chief executive of Aldar, said the investment fits the company’s plan 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.
Ahmed Alkhoshaibi, group chief executive of Arada, called the deal “a strong vote of confidence in both Aljada and the Sharjah residential market more broadly.”
The purchase follows a AED15 billion development partnership the two companies announced about two weeks earlier.
Under that agreement, Arada will co-develop a villa and townhouse community at Seih Sdeirah, on the border between Abu Dhabi and Dubai. Arada is also buying three residential plots on Yas Island from Aldar.
Both companies described that agreement as a first phase and said they would look for more work together across emirates and asset classes.
Aljada covers about 2.2 million square meters. It is planned to hold around 25,000 units at full build-out, with an expected gross sales value of AED35 billion.
Arada has handed over more than 8,800 units in Aljada since 2021.
Aldar is listed on the Abu Dhabi Securities Exchange. Arada is a private developer based in Sharjah.
