Amlak reveals plans for Dh290 project
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.