Amlak Finance and Cham Holding sign MoU to launch home finance solutions in Syria

The new venture, to be called "Amlak Finance - Syria", marks another feat in Amlak's ambitious expansion plans across the region, which is currently operational in Egypt, Saudi Arabia and will launch in 2008 in Jordan and Qatar.

"Syria has witnessed a major real estate boom in the past few years, and as a leading financier in the region we are delighted to announce our partnership with Cham Holding, in order to make available our innovative and pioneering home financing solutions and services in the Syrian market," said H.E. Nasser Bin Hassan Al-Shaikh, Chairman of Amlak Finance. "Amlak is swiftly gaining a solid ground in the region following its market leadership in the United Arab Emirates, which will ultimately re-enforce the company's strong brand positioning across the Middle East."

Regional investments into the Syrian economy, coupled with the government's introduction of a series of regulations to organize wealth sectors, notably the passing of Investment Law (10) and the drafting of the Real Estate and Mortgage laws, have placed Damascus as a regional center for real estate investment activities. All such positive factors led to a soaring 80% increase in real estate turnover in 2006, reaching $50bn.

Commenting at the signing ceremony, Mr. Nabil Al Kouzbari, Chairman of Cham Holding, said: "The Syrian economy is one of the key emerging markets in the Middle East and North Africa region, and presents unprecedented growth opportunities. Our partnership with Amlak will result in great benefits to the Syrian citizens, and the Syrian real estate market will lend further momentum to our ambitious investment plans across the country."

According to Al-Shaikh, Cham Holding is "a key player and a reputable conglomerate in the Syrian market, and I am confident that our alliance will play a key role in the development of Syria's booming housing sector."