Amlak shares hit upper limit

Shares of Amlak Finance jumped up yesterday after reports of discussions with Emaar Properties to reach an agreement for developing plots owned by the company.

Shares of Amlak Finance has more than doubled ever since it re-listed on the Dubai Financial Market, but without any clarity on the fundamentals.

Amlak Finance ended 14.67 per cent higher at Dh2.58, and was the most active in terms of volumes in trade contributing to more than 75 per cent of its volumes. On Sunday, a report from Al Khaleej quoted Adnan Al Awadhi, Chief Commercial Officer of Amlak Finance, saying that the company is in talks with Emaar Properties for developing its own plots.

The company is also cooperating with Dubai Land Department to find the appropriate solutions for delayed projects and relaunching them. An agreement will soon be reached for one of the projects, Al Awadhi said.

The company plans to expand its financing programmes over the next five years through a plan that offer real estate finance facilities valued at Dh1.5 billion. The company is also planning to increase its customer base to 7,000—8,000.

Al Awadhi pointed out that Amlak has provided financial solutions valued at Dh5 billion to 4,500 customers during the previous years. He added that the company currently owns 364 residential units, ranging from apartments to villas.

Al Awadi revealed that the company is currently on course to introduce the ‘Istithmari’ (my investment) financial programme, which targets investors who want to buy properties and achieve rewarding annual revenues.