Amlak trust account services launched

Amlak Finance has received approval to launch trust account services from the Dubai Land Department, signalling the beginning of Amlak's service expansion to major real estate developers.
Amlak trust account services launched
By Administrator
Mon 10 Sep 2007 04:00 AM

Amlak Finance has received approval to launch trust account services from the Dubai Land Department, signalling the beginning of Amlak's service expansion to major real estate developers.

Arif Al Harmi, CEO of Amlak Finance, said offering turnkey solutions to real estate developers would create efficiency in the property development process, from the actual development to end-user customer service.

The agreement underlined Amlak's dedication to contribute to the UAE's booming real estate industry, and Dubai's vision to boost investor confidence and transparency, he added.

The Dubai Government has taken steps to regulate the real estate industry, with the recent establishment of the Real Estate Regulatory Authority and issuance of Law No. 8 of the Trust Account services.

Sultan Butti Bin Mejren, director general of the Government of Dubai Land Department, said the department was taking strides to promote regulations that will contribute to the development of the real estate market in the emirate.

In addition to offering trust account services, Amlak will offer unit sales services, after-sales monitoring and customer service follow-up, legal documentation, and construction finance for major developers. The firm will also monitor and progress evaluation of its clients' approved projects.

Amlak Finance was established in November 2000 as a wholly-owned subsidiary of its still major shareholder Emaar Properties. The company ceased to be wholly-owned in 2003 and an IPO was held in January 2004. Emaar currently owns 45% of the company, with no other shareholders holding a stake of 5% or above.

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