Amlak in talks to buy $449m tower
Dubai-based mortgage lender Amlak Finance said on Wednesday it was in talks with First Dubai for Real Estate Development to acquire one of its buildings for about Dh1.65 billion ($449.3 million).
Amlak, which offers loans complying with Islamic law, plans to sell units in the Sky Garden residential tower at the Dubai International Financial Centre through financing schemes, it said in a statement on the bourse website.
Amlak, which operates in Egypt and Saudi Arabia, said in March it would sell as much as Dh4.8 billion worth of Islamic bonds this year to help finance expansion in markets such as Qatar, Jordan and Bahrain.
Islamic mortgages comply with Islamic law banning interest and dealing in alcohol.
Source:
Trade Arabia News |
