AMLAK 2002 financial results take off

The company, which has seen exponential growth in its customer base and in demand for its mortgage products, posted 800 percent growth both in the number of home loans granted and in the total loan amount dispersed in 2002, compared with last year.

"Following the launch of several real-estate development projects in Dubai, the market has really taken off in the past year and has precipitated unprecedented demand for home finance options which we expect to continue," commented Farooq Arjomand, Vice Chairman, AMLAK Finance.

Mohammed Ali Al Hashimi, General Manager, AMLAK Finance, said: "Meeting the demand for our mortgage products has allowed us to strengthen the economy by encouraging investment back into the country. As the growth of the real estate sector continues to contribute to Dubai's rapid economic development we will continue to provide 25 year finance options to Nationals and 15 year finance options for expatriates which will generate further liquidity in the market,"

As more people invest in the sector and take up mortgages as a means to financing their plans there has been an increase in levels of disposable income. This has allowed real estate investors to support a host of ancillary industries who are benefiting from the boom. For example, companies that sell home appliances and furniture are being supported by new home owners, which in turn is having an extremely positive effect on the country's economy.

Mr. Al Hashimi also pointed out that the property boom is helping to support a range of sub-contracted 'cottage' industries who are supplying their skills and services to each real estate development project in the country. Companies of painters, decorators, bricklayers, plumbers, electricians, architects, landscape gardeners and interior designers are just some of the industries that have benefited from the development of the real estate industry. With further plans for the development of real estate in the country over the next 10-15 years, these industries and others can look forward to sustained success.

"This has been a very positive year for AMLAK and through our finance options we are providing an excellent platform to enhance the development of the country's economy. People are now investing in the country which will provide further opportunities for growth. Our challenge now is to be able to sustain our high levels of service so that we meet demand as new real estate projects are unveiled," Mr. Al Hashimi concluded.