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Thu 13 Dec 2007 12:28 PM

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Amlak targets Bahrain, Qatar in $4bn expansion

UAE mortgage lender to raise capital to part finance growth in Emirates and abroad.

UAE mortgage lender Amlak plans to raise 6 billion dirhams ($1.63 billion) to part finance expansion in the Emirates and abroad, company chairman Nasser Al Shaikh has revealed.

Al Shaikh said expansion plans include entry into three more countries in the first half of next year, UAE daily Emirates Business 24/7 reported on Thursday.

“We plan to raise about 6 billion dirhams in 2008 to finance operations in the UAE and the region. We are operational in the UAE, Egypt and Saudi Arabia, and in the first half of next year we should be in Bahrain, Qatar and Jordan,” Al Shaikh said, quoted the newspaper.

The report does not say how or when Amlak plans to raise the funds.

The chairman said Amlak hopes to have a presence in 10 to 15 countries in five years.

However, Al Shaikh ruled out targeting Western markets in the near future. “They are not yet on our radar,” he said.

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