Amlak eyes strategic partnership with Emaar

Amlak and Emaar, along with Dubai Land Department, are working to find ways to restart a number of stalled projects

Property finance firm, Amlak, is in talks with Emaar over a strategic partnership.
Property finance firm, Amlak, is in talks with Emaar over a strategic partnership.

Dubai-based Islamic property finance provider Amlak Finance said that it is currently in talks with Emaar with regards a strategic partnership.

In an interview with Arabic Al-Khaleej newspaper posted on the Dubai Financial Market, Adnan Al Awadhi, CEO of Amlak Finance, said that it has already begun discussions with Emaar to develop its properties, spread across key locations.

Al Awadhi said Amlak and Emaar, along with Dubai Land Department, are working to find ways to restart a number of stalled projects, and that an agreement regarding one project is expected to close soon.

Emaar owns 45% of Amlak, its largest shareholder.

“The company owns 399,483m2 (4.3ft2) of land, together with 364 housing units across areas of Dubai including Warqa, Mirdif, Khawaneej and Meydan. We are currently looking to develop housing and commercial projects on our land banks, either to sell or rent,” mentioned Al Awadhi in his statement.

The company also plans to launch three new financing programmes that will cover the whole of real estate, including already built, under construction or off-plan developments adhering to the guidelines by the Central Bank of Dubai.

“We have provided $408m (AED1.5bn) real estate Sharia compliant finance in the past five years. The company also plans on expanding its financing programme in the coming five years. We also have plans to increase our existing client base to around 8, 000,” added Al Awadhi.

Amlak has also launched a new investment scheme, Istithmari, designed for investors looking to invest in completed residential and commercial properties.

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