The UAE's largest property financier Amlak recorded net profits of AED241 million in 2008, while assets hit AED15.8 billion.
Amlak Finance's chairman and the director-general of the Dubai Department of Finance Nasser Bin Hassan Al-Shaikh announced today (May 11th) that the value of the company's assets had increased 67 per cent compared to figures for the year ended December 31st 2007.
The company's UAE property financing portfolio also grew considerably from AED6.2 billion at the start of 2008 to AED10 billion by the year's end.
"We are always optimistic and believe in the efforts and strategic plans introduced by the Dubai and Federal Governments to boost the real estate financing sector," he commented.
In November last year, Amlak Finance (Qatar) signed a memorandum of understanding with BARWA Real Estate to establish Landmark Qatar, a new brokerage, property management and advisory service to serve the needs of the state's real estate investors.