Amlak’s move to Egypt will bring benefits to Egyptian nationals both at home and abroad, a recent meeting was told.

Nasser Al Shaikh, chairman, Amlak Finance, the pioneer in home finance in the UAE, hosted a reception attended by Ibrahim Hafez, the General Council to the Egyptian Ambassador, and Engr. Hisham AbdulGhani, chairman of the Egyptian Business Council in the UAE.

“It is important that international companies play a role in the development of Egypt, whether that is in the country’s wider economy, society or its burgeoning real estate sector, as this will spur the national economy and assist growth across sectors,” said Ibrahim Hafez, General Council to the Egyptian Ambassador of the UAE.

“We are confident that developments such as Amlak’s move to Egypt will bring benefits to Egyptian nationals both at home and abroad.”

Earlier in the year, the innovative home finance company launched its first office in Egypt, designed to facilitate Sharia’a compliant home financing solutions to customers resident in Egypt, as well as Egyptian expatriates such as the members of the Egyptian Business Council.

“The real estate sector offers huge potential for business people both in Egypt and abroad,” said Engr Hisham AbdulGhani, chairman of the Egyptian Business Council, UAE.

“The business council was established to develop routes for business through forging strong ties with international companies who can bring great benefits and returns to our countrymen at home, and we think that this partnership with Amlak demonstrates these benefits perfectly.”

“Our outreach to the Egyptian community in the UAE is as critical to our success as our simultaneous communications with the Egyptian market on the ground,” commented Nasser al Shaikh, chairman of the Board, Amlak Finance.

“We have appointed a new CEO to head our Egyptian office, Ahmed Haggag, and we are confident that his experience and vision will open up a wealth of opportunities to Egyptian nationals as well as many others interested in investing in this booming country.”

Amlak’s relationship with Egypt is the latest interaction between the United Arab Emirates and Egypt. In 2006, 71.5 per cent of Egypt’s trade exchanges were with Arab states, with the UAE in the top five of those states.

Exports from the GCC constituted 69.2 per cent of Arab exports to Egypt in the same year.

Meanwhile, the UAE topped the list of countries importing oil derivatives from Egypt and the amount of major Emirati property developers operating in the country has increased dramatically in the last five years.

The real estate market is poised for enormous growth in the coming years, with a number of international developers, many from the UAE, looking to the country to establish modern yet affordable communities.

Amlak Finance (Amlak) was established in November 2000 as a wholly - owned subsidiary of its still major shareholder Emaar Properties  (Emaar).

The company ceased to be wholly- owned in 2003 following a tripling of the capital base.

An IPO was held in January 2004 and the Company was listed on the Dubai Financial Market in March 2004.

Emaar currently owns 45 per cent of the company.

No other shareholder has a stake of 5 per cent or above.

As at end 2004 non-national shareholders held an aggregate 18.62 per cent. TradeArabia News Service