Summary: Amlak Finance (Qatar), a joint venture between Amlak
Finance PJSC and BARWA Real Estate Company, and Landmark Properties, one
of the Middle East's leading real estate firms, today signed a
Memorandum of Understanding (MoU) to form 'Landmark Qatar'
Amlak Finance (Qatar), a joint venture between Amlak Finance PJSC
and BARWA Real Estate Company, and Landmark Properties, one of the
Middle East's leading real estate firms, today signed a Memorandum
of Understanding (MoU) to form 'Landmark Qatar', a newly
established company which will offer brokerage, property consultancy,
management and investment advisory services in the State of Qatar.
"The MoU is part of our strategic business plan to strengthen
and widen our reach in the state," said Abdulla Jobara Al-Romaihi,
Chairman & Managing Director, Amlak Finance (Qatar). "Qatar has
a great growth potential and as a combined entity with Landmark
Properties, we will offer our customers not only the finest selection of
commercial and residential properties but also support them with a wide
array of home financing products and services, many of which have been
highly successful in other GCC countries."
Al-Romaihi added, "I am confident that our partnership with
Landmark Properties will further enhance the booming property market in
Qatar and we look forward to a successful business operation."
The initial share holding ratio in the joint venture agreement
between Amlak Finance and Landmark Properties will be stipulated as 60%
(Amlak Qatar) - 40% (Landmark) respectively.
"We are glad to have partnered with Amlak Finance
(Qatar)," said Cliff Kelaita, Chairman & CEO of Landmark
Properties. "We are moving as per our expansion schedule targeting
six countries in six months. The recent financial meltdown may have
marginally slowed down the regional economy; however, we still see a
major demand in the real estate sector especially in emerging markets
such as Qatar."
Kelaita added, "This year has been a very challenging and busy
period for us and despite the financial crisis we still managed to cross
the AED 8 billion mark in property sales within the UAE alone, in
addition to the launch of Landmark Advisory, our real estate research
and analysis division."
Amlak Finance PJSC entered the Qatari market late last year by
signing an MoU with Barwa Real Estate Company, the largest publicly
listed property developer in Qatar and recently received the license to
commence operations from the Qatar Central Bank. Amlak's decision
to form a new entity with Landmark Properties to expand operations in
Qatar clearly indicates its strong expansion plan and commitment to the
region.
2008 Mena Report (www.menareport.com)
2008 Al Bawaba (Albawaba.com)
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