Amlak and Mazaya sign agreement

Dubai: Amlak Finance and Mazaya Holding announced the signing of an agreement for the purchase of 80 per cent of Skygardens at DIFC tower for Dh1.65 billion ($449.3 million), following settlement of outstanding matters.

The deal is expected to strengthen Amlak's positioning as a major contender in the real estate market and to create additional shareholders' value.

"With the Sky Gardens transaction successfully completed, we are already looking ahead towards cementing a long term relationship with Amlak with the objective of entering into future accords," said Khalid Esbaitah, chief executive officer and managing director of Mazaya Holding.