Amlak Finance signs Dhs1.4bn Syndication Facility with Emirates Islamic Bank

The Wakala facility is primarily intended to support Amlak's real estate investments.

According to Mr. Arif Alharmi, Chief Executive Officer, Amlak Finance, finalizing a financial transaction of this magnitude with a respected industry powerhouse such as EIB is an important milestone in our continuing journey to drive growth through innovative and flexible funding structures and instruments.

"We have aggressive growth plans for 2008 and beyond. We will continue our strategy to focus on our core business and competencies, real estate financing and investments. This transaction forms part of our overall funding requirements for 2008 to support our growth plans and international expansion. The syndication facility, which was substantially oversubscribed, exhibit the confidence in Amlak's growth plans and strategy," commented Alharmi.

Commenting on the signing of the agreement, Mr. Ebrahim Fayez Alshamshi, Chief Executive Officer, Emirates Islamic Bank, said, "Emirates Islamic Bank has always been in the forefront of the economic growth in the UAE. Our portfolio of strategic alliances includes many of the most prominent organizations in the UAE, and Amlak is another significant addition to it. Getting together with such high-profile partners adds a new dimension to the agreement."

EIB's partners in this ambitious venture are Al Watani Al Islami (ENBD), Dubai Islamic Bank, Habib Bank AG Zurich, Khaleeji Commercial Bank, Abu Dhabi Islamic Bank, National Bank of Abu Dhabi, National Bank of Umm Al Qaiwain, Sharjah Islamic Bank and Union National Bank.

'We look forward to combining our mutually proactive and innovative approaches to the finance market to ensure that both organizations remain at the forefront of this rapidly developing industry," remarked Alharmi.

Amlak signed in 2007 with EIB an Dhs800m Wakala facility, which was aimed at supporting the company's multitude of activities in the UAE.