Amlak and Dubai World Central ink deal
Amlak Finance to work with DWC to finalise customers' financing agreements.
Dubai World Central (DWC), the 140 square kilometre urban aviation community under construction in Jebel Ali, has signed a memorandum of understanding (MoU) with Amlak Finance to work together to finalise a DWC customers' financing agreement.
The finance agreement will cover all real estate sales across the project's three main components - DWC Residential City, DWC Commercial City and DWC Golf City.
"As a project that accounts for development concerns for the next fifty years, we are putting together a prospective plan that ensures potential customers are provided a financing option even before property sales commence in 2009," said Khalid bin Harib, CEO, Real Estate, Dubai World Central.
"This MoU will look at all possible financing options within Amlak's Islamic Financing range and is the first of many such agreements over the next decade. With a diverse portfolio of plots, villas and apartments on sale the MoU will also look at best possible alternatives for future investors keeping in mind the huge property boom in the region," continued Harib.
Construction on the first mid-income housing segment within DWC Residential City is expected to commence in January 2008. Apartments will go on sale by mid-2009 when Amlak Finance will process its first housing finance schemes.
"Amlak's finance schemes will be one of the most attractive in the market keeping in mind the nature of the Dubai World Central project," said Arif Alharmi, CEO of Amlak Finance.
"Amlak offers customers a range of home financing schemes to suit their needs, which are ideally suited for a diverse development such as DWC.
"This MoU reflects the far-sighted vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in establishing a brand new city that will become the region's leading business hub and Amlak takes great pride in facilitating that process."