Business | Banking
Amlak-Barwa venture gets Qatar licence
Real estate financier Amlak Finance PJSC and Barwa Real Estate Company, a publicly listed property developer in Qatar, announced yesterday that Amlak Finance (Qatar) has received a Qatar Central Bank licence to commence operations.
- Staff Report
- Published: 23:25 September 9, 2008
Dubai: Real estate financier Amlak Finance PJSC and Barwa Real Estate Company, a publicly listed property developer in Qatar, announced yesterday that Amlak Finance (Qatar) has received a Qatar Central Bank licence to commence operations.
"Amlak Finance [Qatar] will significantly compliment the unique and pioneering range of products and services offered by both companies - Barwa Real Estate and Amlak Finance - for the development of the booming real estate industry in Qatar," said Ganem Bin Sa'ad Al Sa'ad, chairman and managing director of Barwa Real Estate.
Amlak Finance (Qatar) appointed the first board of directors comprising three representatives from Barwa and two from Amlak, as stipulated in the joint venture agreement with an authorised capital of 500 million Qatari riyals. Amlak holds 40 per cent and Barwa 60 per cent.
"Qatar has witnessed rapid growth in all sectors during the last couple of years. I am confident our new operation will bring to the market the home fin-ancing solutions that have become synonymous with innovation and market leadership," said Nasser Bin Hassan Al Shaikh, chairman of Amlak Finance.
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