Business | Banking

Amlak signs syndication deal with EIB

Real estate finance company Amlak Finance announced yesterday the signing of a Dh1.4 billion syndication facility with Emirates Islamic Bank (EIB). The Wakala facility is primarily intended to support Amlak's real estate investments.

  • Staff Report
  • Published: 00:17 April 16, 2008
  • Gulf News

Dubai: Real estate finance company Amlak Finance announced yesterday the signing of a Dh1.4 billion syndication facility with Emirates Islamic Bank (EIB). The Wakala facility is primarily intended to support Amlak's real estate investments.

The transaction of this magnitude with a respected industry powerhouse such as EIB is an important milestone for Amlak, according to Arif Al Harmi, chief executive officer of Amlak Finance.

"We have aggressive growth plans for 2008 and beyond. We will continue our strategy to focus on our core business and competencies, real estate fin-ancing and investments," said Al Harmi.

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