Acquires 6 million sqft of Prime land on Emirates Road. Highlights commitment to create new revenue streams

Dubai-UAE, February AB, 2008 – Amlak Finance PJSC, the largest publicly listed finance company and pioneer in home finance in the United Arab Emirates (UAE), announced today that the value of its real estate investment portfolio grew to over AED 4.5 billion, following the acquisition of six million square feet of land from the Government of Dubai. The land, which is located in Al-Warqa on Emirates Road and is intended for a multi-use development totaling a Gross Floor Area (GFA) of 8.5 million square feet, further consolidates Amlak’s lead positioning in the real estate finance and investment sector.

The newly planned community, to be named "Warqa Heights", will house 40,000 residents and will offer residential, commercial and retail space. Warqa Heights’ master plan is currently being finalized by Amlak and Tamdeen (Dubai Holding’s zoning authority) where plots will be retailed to investors and developers alongside innovative financing solutions later in the year.

Amlak Finance is focused on selectively acquiring several mixed-use properties including residential and commercial, as well as land in prime locations. This growth strategy is intended to further enhance shareholders’ value by diversifying the company’s revenue streams.

“Amlak’s recent initiative significantly positions real estate financing as one of our core businesses,” said Arif Alharmi, Chief Executive Officer, Amlak Finance PJSC. “We are committed to creating new revenue streams by obtaining premier properties and retailing them, thus creating new dynamics in real estate transactions through innovative financing solutions.”

He added: “We had set a new trend in the market with the landmark deal marking Amlak’s full acquisition of Phase 1 of the Meydan Business Park for AED2.6 billion which will be retailed alongside new financing schemes this year. Today, our focused land sale strategy is also aimed at strengthening the real estate sector by providing much-wanted land in prime areas.”

While developers tend to hold to their properties to enhance their value through initiating independent projects, Amlak’s centers on releasing the land it holds to meet the land-squeeze that several companies face.