Nasser Al-Shaikh: Bahrain operation signals another building block in Amlak’s regional expansion plans

Dubai, UAE, February 21, 2007 - Amlak Finance PJSC, the largest publicly listed finance company and pioneer in home finance in the United Arab Emirates (UAE), announced today that it applied for a license from Bahrain’s Central Bank to operate in the Kingdom as a wholly owned entity under Amlak Finance (Bahrain).

Following a recent visit to Bahrain and meeting with the Central Bank, H.E. Nasser Al-Shaikh, Chairman, Amlak Finance, affirmed that the countdown to the launch of Amlak Finance (Bahrain) has begun.

“Bahrain is a renowned financial hub in the region and with the growth in its real estate sector, the time is ripe today for Amlak to proceed with adding another building block in its strategic expansion plans,” remarked Al-Shaikh. “Amlak Finance is pleased with the progress of its expansion plans in the region, which will effectively position the company not only as the uncontested leader in home financing in the United Arab Emirates, but also in the region as well.”

According to market reports, Bahrain’s home finance sector is estimated at USD700-800 million, with anticipated growth at around 50%. The ambitious development of the properties market, especially in the middle- to high-end bracket, is set to meet rising demand from Bahraini, GCC and expatriates over the next 3-4 years.

In addition to offering its full range of pioneering home financing solutions, Amlak Finance will also develop special packages targeting special niche segments in Bahrain.