Amlak Finance looks towards Moroccan expansion

Amlak Finance, the pioneer in home finance in the UAE, today announced that it has sent a delegation to Morocco to begin discussions about potential expansion plans. Amlak has seized the opportunity to capitalize on the growth of foreign investments in Morocco, and subsequent boom in real estate developments, and also offer its innovative financial solutions to the Moroccan consumer.

Amlak Finance’s delegation held meetings with the Ministry of Finance, the Central Bank and key financial institutions and real estate developers. A key differentiating point marking Morocco out in the region has been the impressive reform strategies and redevelopment initiatives implemented and successfully achieved by its government over the past few years.

“The UAE and Morocco experience exceptional relations politically, due to the many projects initiated by the UAE government. This investment into Morocco will not only help stimulate its rising economy but will also bring more opportunity to citizens, giving them more choice when looking for home finance. We are honoured to be a part of the UAE initiatives, and look forward to developing our existing ties to the benefit of both countries,” stated Nasser H. Al Shaikh, Chairman of Amlak Finance.

The country of Morocco, and more particularly, the Maghreb region, has experienced expansion and development on an enormous scale. The tourism and retail industries are projected to develop over six times by 2012, to reach over $20billion in investments.

Realizing the potential that Maghreb has to offer, many GCC states and Europe started making significant investments in the region. “Expansion is a top priority for Amlak, and we are very intrigued by the opportunities that we see in Morocco. This step also gives us the opportunity to join forces with key developers in the UAE such as Emaar, Sama Dubai and Sorouh. With our Sharia’a compliant finance solutions and our new product offering of Bayti Home Building Finance, Buy to Rent, and Amlak Bonus, we will be in a unique position, educating new potential users on other available finance solutions rather than the conventional options,” Al Shaikh concluded.

Press Release 22 May 2007

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