Am­lak re­veals plans for Dh290 project

The National - News - - BUSINESS -

Am­lak Fi­nance, the Dubai mort­gage lender, plans to de­velop a Dh290 mil­lion mixe­duse project in Nad Al Ha­mar, which will stretch over an area of 700,000 square feet. The project will be con­structed in col­lab­o­ra­tion with an as­set man­age­ment com­pany, Am­lak said in a state­ment to the Dubai Fi­nan­cial Mar­ket, where its shares are traded. The project will be com­pleted by 2020 and will have a pos­i­tive im­pact on the com­pany, the state­ment said. Am­lak recorded a more than 50 per cent slump in 2017 full-year net profit af­ter rev­enue de­clined for the Sharia-com­pli­ant home fi­nancier amid a softer prop­erty mar­ket. Am­lak in Jan­uary re­ported com­ple­tion of con­struc­tion of its first res­i­den­tial de­vel­op­ment in the UAE, a move aimed at cre­at­ing re­cur­ring rev­enue lines.

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