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UAE: Severely hit by
the 2008 real estate crash, Dubai-based Amlak Finance is now determined to
rise from the ashes as it undertakes major restructuring plans and
implements a new growth strategy.
The Islamic mortgage provider, which has been absent from the market for
almost seven years, is expected to make a comeback by the end of this month
as it seeks to re-list on the Dubai Financial Market (DFM) and aggressively
restore, as well as expand, its business line. The firm may have seen first
quarter group profit plummet 62.5% to AED6 million (US$1.63 million) but it
remains unremitting on re-anchoring itself in the real estate scene.
“Amlak has just [turned] a very challenging corner given our recent
restructuring and we are now working hard towards rebuilding our business
capacity and new originations, which have been absent from the market for
many years,” commented managing director Arif Alharmi, on its latest
financial results.
Entering what Arif termed as a “new phase of business growth”, Amlak is
actively pushing new products and forging new deals. Just yesterday, Amlak
rolled out a new financing instrument, known as Istithmari. And earlier in
the year, the firm also entered into partnership with Dubai’s Tanmiyat
Global to provide property finance services for the latter’s Living Legends
development project, as well as other development initiatives.
The company’s newly-elected board of directors will be meeting tomorrow to
decide on an official date for re-admission, with an announcement to follow
immediately. “Now that we have the restructuring behind us, we look forward
to have the company’s shares re-admitted to the DFM paving the way for us
to pursue our growth strategies over the coming years, creating value for
our shareholders, whilst we of course, adhere to our financial commitments
and business plan agreed with our financiers under the restructuring
terms,” said Arif.
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