One of the leading home financiers in Dubai, Amlak Finance, revealed that its real estate investment portfolio has grown by more than Dh.4.5bn, following the six million square feet of land acquisition from the Dubai Government.

This newly acquired land, with a gross floor area of 8.5million square feet, is located at Al Warqa on the Emirates Road, and will be developed as a multi-purpose development, which would further strengthen Amlak's position as the lead real estate finance and investment company.

The new community in Al Warqa, namely Warqa Heights will have the capacity to house 40,000 people and comprise commercial, residential and retail space. The master-plan is currently finalzed by Tamdeen and Amlak, and the plots will be handed over to developers and investors later in the year.

Amlak focuses on acquiring various mixed-use properties, both commercial and residential. Amlak had announced a net profit of 758% this year, towards end of last year. Amlak currently has its operations in Saudi Arabia, Egypt, Jordan, Qatar, and is considering moving into Bahrain.

Labels: Mortgages, Real Estate News