Dubai property finance company Amlak has reported a 300 percent growth in profit for 2003 on the back of strong growth in the United Arab Emirates (UAE) real estate sector and an expanding client base, stated a press release.
Amlak recorded a net profit for the year of 14 million Emirati dirhams ($3.8 million) compared to Dh 3.5 million in 2002. The company also saw its committed loan book grow to Dh 1.5 billion with a total of Dh 550 million now disbursed.
Established in October 2000, Amlak Finance specializes in the provision of mortgages, a totally new concept to the Gulf. The company is majority owned by Emaar Properties, which was founded as a public joint stock company in 1997. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
