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Wed 2 Jan 2008 06:35 PM

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Amlak to sell stake in its Egyptian unit

Dubai-based mortgage lender in talks to sell stake to World Bank's International Finance Corporation.

Amlak Finance, the largest UAE mortgage financer by market value, said on Wednesday it was in talks on selling a stake in its Egyptian unit to the International Finance Corporation (IFC).

"We view the IFC as a partner that can add value to our regional strategy," Amlak chairman Nasser Al-Shaikh said in a statement.

Amlak did not say how large of a stake the IFC, a unit of the World Bank, could take in the Egyptian unit that started operations last year.

Amlak, an affiliate of Emaar Properties, also operates in Saudi Arabia and said last month it would launch a joint venture mortgage finance firm in Qatar and sell shares in a planned Jordanian affiliate. (Reuters)

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