AMLAK Finance has also been mandated to provide the finance to those nationals interested in participating in the programme. Emaar will receive applications from UAE nationals from June 4 at its main office on Shaikh Zayed Road.
Emaar and AMLAK, in conjunction with the Executive Council, have conducted thorough due diligence with Dubai Municipality, the Dubai Electricity and Water Authority, Parsons Corporation, the international engineering and construction company and other specialised consultants and engineers, to prepare feasibility studies on the development of the project. Pleased with the outcome of the studies and development plans, Shaikh Mohammad proceeded to nominate Emaar and AMLAK to undertake the development and finance of the project.
Earlier, His Highness had instructed Dubai Municipality and the Dubai Water and Electricity Authority to begin work on the infrastructure for the new project, which comprises of 10,000 modern housing units in different parts of the emirate at a cost of AED10 billion in accordance with Housing Programme.
Mohamed Ali Alabbar, Chairman of Emaar Properties said: "It is a privilege to be involved in this project that embodies the vision and commitment of His Highness, Shaikh Mohammad to improve the lives of UAE nationals. We are also proud of the confidence that the Executive Council has bestowed on us with regards to the implementation of this vital project."
He added: "This project aims to develop high quality residential units that meet the needs of UAE Nationals aspiring to live in a modern environment on par with the highest standards of living in the world whilst observing the traditions of local culture. All this has been made possible thanks to the hard work, dedication and coorperation between Emaar, AMLAK and all the parties involved in the project."
"AMLAK was established for this very purpose - to help people fulfil their dreams of homeownership. We are deeply honoured to be involved in the financing of this project to assist deserving UAE nationals achieve their ambition of owning their own home," commented Mohammed Ali Al Hashimi, CEO of AMLAK.
Emaar will be responsible for promoting, marketing and selling the units, while AMLAK in cooperation with the Ruler's Court will provide financing options for the UAE national buyers.
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Emaar and AMLAK to develop and finance the AED10 billion housing programme for UAE nationals
- United Arab Emirates: Tuesday, May 24 - 2005 at 10:43
- PRESS RELEASE
Under the directive of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Dubai's Executive Council has mandated Emaar Properties to develop the housing project for UAE nationals in Dubai as part of the Shaikh Mohammad Bin Rashid Housing Programme.
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More details on the project will soon be released to the public.About Emaar Properties PJSC:
Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market with an asset base of US$7.7 billion including the land bank. The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base. Currently, it has several major real estate projects under various stages of development in Dubai including Dubai Marina, Arabian Ranches, Emirates Hills, The Views, The Meadows, The Springs, The Lakes, Hattan Homes, The Greens, Emaar Towers and The Residences at Burj Dubai. The company also owns and manages the Gold and Diamond Park. Emaar has started construction on its most ambitious project to date, the Burj Dubai Development, which comprises The Burj Dubai, The Dubai Mall, The Boulevard, The Old Town, man-made lakes, landscaped parks, etc. The company also has joint ventures and projects across the region covering Saudi Arabia, Egypt, Jordan, Libya, Morocco as also India and Pakistan.
While Emaar continues to actively pursue expansion in its core business of innovative, high quality real estate development, it has diversified into related business lines to further build value for its 41,000 shareholders, which includes the Government of Dubai. In line with this corporate belief, Emaar owns and manages three subsidiaries - Dubai Bank, focused on retail and commercial banking; EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services; and its technology and communications company, Sahm Technologies. Emaar is also the majority shareholder of Amlak Finance, UAE's first mortgage finance company. In 2004 Emaar was included in the Dow Jones Dubai International Financial Centre Arabia Titans Index.
About AMLAK Finance PJSC:
Established in November 2000, AMLAK Finance PJSC, now the largest publicly held Islamic finance company in the country, is a pioneer in mortgage finance. Its growth strategy combined an Initial Public Offering in January 2004 that was oversubscribed 33 times, increasing its capital to AED750 million and accompanying its conversion into an Islamic financial institution that offers Shariah compliant products. In 2003, AMLAK saw a profit increase of 300 per cent to reach AED14 million compared to AED3.5 million in 2002. For 2004, net profits increased 314% to AED58 million. The company also witnessed a record 199% increase in revenue in 2004 to reach AED84.356 million from AED28.186 million the previous year. AMLAK is currently traded on the Dubai Financial Market with EMAAR properties holding majority ownership and a 45 per cent stake in the company. For more information, please log on to www.amlakfinance.com.
For further information, please contact:
Elaine Boucher/Tim Harrison/Kelly Home
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969, Fax: 971-4-3356080
Posted by Lara Lynn Golden, News EditorTuesday, May 24 - 2005 at 10:43 UAE local time (GMT+4)
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