Amlak signs $381m deal

MANAMA: Amlak Finance yesterday announced the signing of an 1.4 billion dirhams ($381.2 million) syndication facility with Emirates Islamic Bank (EIB).

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

"Finalising 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," Amlak Finance chief executive officer Arif Alharmi.

"This transaction forms part of our overall funding requirements 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," said Mr Alharmi.

"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," EIB chief executive officer Ebrahim Fayez Al Shamshi.

EIB's partners in this ambitious venture are Al Watani Al Islami, 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.