CAIRO: Amlak Finance is in discussions with the International Finance Corporation (IFC) – the private sector arm of the World Bank Group – to partner in its Egypt operation, Amlak Finance and Real Estate Investment.
Amlak Finance Chairman Nasser bin Hassan Al-Shaikh, said, We expect from IFC to bring its global standards of governance, environmental awareness and social responsibility through its proposed minority equity partnership in Amlak Egypt.
Al-Shaikh added, IFC s proposed partnership in Amlak s Egyptian unit validates Amlak s leading positioning and confirms once again that it is moving forward successfully in its plans to become a regional market leader.
“We view the IFC as a partner that can add value to our regional strategy, especially with regards to facilitating associations with new business partners, co-investors and regulatory authorities.
Amlak Finance and IFC signed a memorandum of understanding (MoU) in September 2007 to coordinate efforts between both organizations in order to assist in the development of the housing finance market in the region by potentially establishing joint venture partnerships in some of the countries that Amlak is expanding into.
We view this transaction as a first step toward a long term partnership with IFC, which may lead to a number of similar joint ventures in other parts of MENA, concluded Al-Shaikh.
Established in 2000, Amlak Finance is currently the largest publicly held Islamic finance company in the UAE, with its estimated shareholders as of May 2007 reaching 35,755.
