Amlak Finance said the value of its real estate investment portfolio grew to more than Dh4.5 billion ($1.2 billion).

This follows the acquisition of six million square feet of land from the government of Dubai.

The land, which is located in Al Warqa on Emirates Road and is intended for a multi-use development totaling a gross floor area of 8.5 million square feet, further consolidates Amlak's lead positioning in the real estate finance and investment sector.

The newly-planned community, to be named 'Warqa Heights', will house 40,000 residents and will offer residential, commercial and retail space.

Warqa Heights' master plan is currently being finalised by Amlak and Tamdeen (Dubai Holding's zoning authority) where plots will be retailed to investors and developers alongside innovative financing solutions later in the year.

'Amlak's recent initiative significantly positions real estate financing as one of our core businesses,' said Amlak Finance chief executive officer Arif Alharmi.

'We are committed to creating new revenue streams by obtaining premier properties and retailing them, thus creating new dynamics in real estate transactions through innovative financing solutions.'