Alharmi: Rising real estate to GDP annual growth in the region is proof of a sustainable home financing sector

Dubai-UAE, February 13, 2008 – Amlak Finance PJSC, the largest publicly listed finance company and pioneer in home finance in the United Arab Emirates (UAE), participated today at the Mortgages and Home Financing Forum, held in Dubai from February 10-14. As a thought leader and a firm believer in sharing success stories with key stakeholders in the industry, Amlak Finance Chief Executive Officer, Mr. Arif Alharmi, was one of the keynote speakers at the Forum.

Speaking on the sustainability of home finance, Mr. Alharmi addressed the development of affordable housing in the region and competitive financing for lower, middle and high income groups. Among the other key points that Amlak spokesperson highlighted were the key drivers for continued growth in home finance in the UAE and the region.

“Amlak Finance brings a wealth of information and a rich history of being the first home finance company to launch in the UAE,” commented Mr. Alharmi. “The industry has witnessed remarkable growth over the past few years, backed by the strong growth in Gross Domestic Product (GDP) in the region, with the UAE showing 9% and Egypt 7% increase, topped with the rise in real estate to GDP growth in the region.”

According to Alharmi, the expected growth of the retail mortgage market to an estimated US$38 Billion in the next few years sets the pace for further development in the sector.

As the leading home finance provider, Amlak continues to drive the sector with its competitive and pioneering products and services, in addition to its relentless efforts to re-engineer its processes in order to better improve turn-around-time for its customers.

“Amlak has redefined the concept of the home finance sector in the UAE and in the region by focusing on delivering quick and hassle-free approval systems through the launch of its pioneering 1-hour service, thus ensuring that its customers never lose out on their investment opportunities,” noted Alharmi.