Business | Property
Amlak forms alliance with Barwa Real Estate
Dubai-based mortgage lender Amlak Finance, on Sunday said it has signed a memorandum of understanding (MoU) with Barwa Real Estate Company, the largest publicly listed property developer in Qatar, facilitating its entry into the growing Qatari home finance market.
- Staff Reporter
- Published: 00:28 December 31, 2007
Dubai: Dubai-based mortgage lender Amlak Finance, on Sunday said it has signed a memorandum of understanding (MoU) with Barwa Real Estate Company, the largest publicly listed property developer in Qatar, facilitating its entry into the growing Qatari home finance market.
Amlak will make available its leading edge products and solutions through a new entity called Amlak Barwa Finance.
"With this announcement, we once again validate that our regional expansion strategy is on the right track and progressing at a rapid rate," Nasser Bin Hassan Al Shaikh, chairman of Amlak Finance, said in a statement.
"We're delighted to partner with Barwa, especially as the company is not only a key player in the Qatari real estate industry but on the international level as well, and I am confident that this alliance will play a key role in the development of Qatar's booming housing sector."
Barwa Real Estate is 45 per cent owned by the state-run Qatari Diar Real Estate Investment.
Being one of the largest public listed companies in Qatar, it is valued at 10.7 billion riyals, with over than 80 per cent gain in its shares compared to 2006.
Ganim Bin Sa'ad Al Sa'ad, chairman and managing director of Barwa Real Estate, said: "The partnership between Barwa and Amlak will significantly compliment the unique and pioneering range of products and services offered by both companies for the development of the booming real estate industry in Qatar.
"Our strong positioning in Qatar and the region leads us to align with the region's pioneer provider of home finance in order to create a conglomerate that will promote the development and advancement of the sector in Qatar."
Amlak has recently launched its full-fledged operations in Egypt and is a key shareholder in Amlak International in Saudi Arabia.
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