Amlak Finance, a leading specialised Shari’a compliant real estate financier in the Middle East, has announced a key partnership deal with the Dubai Land Department (DLD).

This strategic co-operation aims at doubling customers’ properties, enhancing the investment appetite for the Dubai real estate market, and stimulating growth in the sector, said Arif Alharmi, the managing director and chief executive of Amlak Finance, after signing the deal with Sultan Butti Bin Mejren, the director general of the Dubai Land Department.

This follows Amlak Finance’s recent launch of its exclusive ‘Double Your Property’ product to double customers’ properties through creating a suitable environment for real estate investors and promoting the real estate sector’s contribution to the overall development of the emirate under the umbrella of DLD, he stated.

Under the deal, DLD will provide support to Amlak in identifying potential investors who qualify for this investment proposition.

This first-of-its-kind product targets resident and non-resident investors who have equity in UAE property. This includes individuals that have already purchased properties or those who have now reached the end of their finance or mortgage tenure, said Amlak in a statement.

The product will provide eligible investors with increased returns on their real estate investments as well as other attractive financing terms including refinancing options for up to 80 per cent of the current market value, it stated.

Alharmi said the company looked forward to offering its new ‘Double Your Property’ product to wider audiences.

"At Amlak, we are continually enhancing products and services we offer to our customers in line with current demands and we believe this new offering is well-suited for the market. Our DLD partnership and recent product launch will further increase investment transactions in Dubai," he added.

On the tie-up, Bin Mejren said: "We are delighted to collaborate with Amlak Finance especially since this collaborative initiative is in line with our vision to promote Dubai’s position as the world’s premier real estate destination and a byword for innovation, trust and happiness."

"Such strategic partnerships will increase real estate transactions activity, provide a channel for non-residents to invest in the Dubai market, and at the same time it will encourage existing property owners to redirect investment to the real estate sector, and ultimately promote investment in the Dubai real estate sector on a global scale," he added.

Under this agreement, Amlak will also provide support for customers by facilitating the entire new investment process using the refinanced amount. Customers will be able to enjoy complete access to Amlak’s diverse real estate portfolio and will receive a complementary property management services, it added.-TradeArabia News Service