Following its expansion roadmap for the region Amlak Finance is moving rapidly toward launching its operations in Jordan, Qatar and Syria, and looks forward to maintaining its growth.
Nasser Bin Hassan Al-Shaikh, the chairman of Amlak Finance said they were moving closer toward full operational capability and profitability with their regional subsidiaries in Saudi Arabia and Egypt, which saw an increase in its capital in the second quarter of 2008 from EGP50 million ($9.3 million) to EGP125 million ($23.4 million). Amlak also concluded the IPO of Amlak Finance Jordan.
Read: CPI Financial
About Amlak. Amlak Finance is the first specialised home finance provider in the UAE and continues to be a leader in the industry by retaining the biggest market share according to released financial reports in 2007. The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties in a number of emirates in the UAE. Whilst real estate finance remains Amlak’s core business, the home finance provider is constantly developing innovative products to meet customers’ demands and market conditions through offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers as well as offers complete solutions for major real estate developers.
Amlak successfully entered into a joint venture in Saudi Arabia Al Baraka Banking Group, Saudi Investment Bank and Aseer Group to form Amlak International for Real Estate Development; launched its operation in October 2007 in Egypt, under a wholly-owned unit called Amlak Finance & Real Estate Investment; announced the partnering with Jordan Dubai Capital – Dubai Holding’s Jordanian investment arm and an affiliate of Dubai International Capital – and Jordan’s Social Security Investment Unit (SSIU) to form Amlak Finance (Jordan); and signed a Memorandum of Understanding with Barwa Real Estate, Qatar’s leading real estate developer, to form Amlak Barwa Finance in Qatar.