Amlak and Bin Manana announce tie up on Lam Tara

The Bin Manana Group and the home finance giant made the announcement yesterday at Asteco, after Mohammed Ali Al Hashimi, Managing Director and CEO of Amlak Finance, and Obeid Saeed Bin Manana, Chairman of Bin Manana Group signed the agreement. Lam Tara Towers, a mixed-use twin-tower development on Shaikh Zayed Road, will feature 60 floors of office space in the commercial tower and 70 floors of luxury one, two and three bedroom apartments, duplexes and penthouses in the second tower, as well as 1,600 car parking spaces. The finance agreement for the commercial tower was announced on November 13th 2006 during the launch of the tower.

Covering 68,000 square feet, the project is the 10-year-old company's first foray into real estate development and is slated to hit it big when complete. When the project is completed, it will overlook interchange 1 of Shaikh Zayed Road on a site opposite Burj Dubai. The development will come up in an already established area of Dubai and offers buyers a chance to live and work in the same place. The exclusive tie up between the leading developer and pioneer home finance provider is aimed at giving the buyers an attractive package that includes easy repayment options, longer repayment duration, and simpler procedures.

Obeid Saeed Bin Manana, Chairman, Bin Manana Group, said that he was quite pleased to work for the finance of his company's first real estate development with one of the region's top financial institutions.

"We are confident that the facility will meet the growing demand in Dubai for high quality commercial units. We are delighted to have tied up with Amlak Finance for this and are looking forward to more opportunities to work with Amlak in future,"

he concluded.

Mohammed Ali Al Hashimi, Managing Director and CEO of Amlak Finance, said that it was a delight for his company to tie up with Bin Manana Group, a major business group. "Although this is the group's first foray into real estate development, the plan shows meticulous care and attention for every small detail. Amlak is pleased to be part of this alliance and I am confident that the development will add to Dubai's reputation as a word-class city with excellent infrastructure. Amlak will make sure that the customers will get the best of services and support when they buy units at the Lam Tara," Al Hashmi added.

Bin Manana Investment Group runs five companies in its business portfolio -Bin Manana Contracting, Dubai Interiors, Dubai Financial Brokerage, Green Desert Fertiliser Factory and property management company Al Ghadeer Real Estate. The company has plans of making it big in the real estate sector, with a view to take advantage of the investment prospects in the burgeoning sector.