Amlak Finance and Mazaya Holdings ink deal on Dhs1.65bn Skygardens Tower

Commenting on the signing of the agreement, Mr. Arif Alharmi, Chief Executive Officer, Amlak Finance, said, 'I am delighted to announce that we have decided to move ahead with the Definitive Agreement of this remarkable architectural masterpiece.

From our perspective all pending issues were cleared with the assistance of the Dubai International Financial Center (DIFC), paving the way for this transaction to be finally concluded. I would like to thank all the parties involved in this project for their co-operation.'

This inking of the deal for Skygardens is expected to strengthen Amlak's positioning as a major contender in the real estate market and to create additional shareholders' value. Following the recent restructuring efforts, Amlak Finance has focused on its core business - home finance and real estate investments.

Mr. Khalid Esbaitah, Chief Executive Officer and Managing Director, Mazaya Holding commented, 'With the Sky Gardens transaction successfully completed, we are already looking ahead towards cementing a long term relationship with Amlak with the objective of entering into future accords.'

Esbaitah also noted that Mazaya continues to fortify its position in the regional real estate market and that following the completion of the transaction, Mazaya and its subsidiary - First Dubai Real Estate Development Company - will reap operational profits that will be accounted for during the next year and a half.

Skygardens @ DIFC stamps a stylish new aesthetic on Dubai's dazzling urban skyline, The first high-rise residential tower ready to move-in located at the heart of Dubai International Financial Centre (DIFC). Adding a remarkable touch of elegance to the spacious architectural masterpiece of Skygardens, Fendi Casa, the world renowned house of style, will stamp its double-F insignia on apartments, thus adding an additional touch of status to each home.