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Amlak gets Saudi nod
- United Arab Emirates: Thursday, May 31 - 2007 at 06:24
Dubai-based Amlak Finance said it has won approval to operate its Islamic mortgage business in Saudi Arabia, Reuters reported. Amlak and its local partners will create a company with share capital of $266.7m with a 99-year licence. The company faces increased competition in the UAE after local real estate markets were opened up to foreign investment. Amlak has a unit in Egypt and could expand into Syria, Morocco, Pakistan and Turkey, Chairman Nasser Al Shaikh told Reuters.
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James McInerney, News EditorThursday, May 31 - 2007 at 06:24 UAE local time (GMT+4)
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