Dubai World Central to provide Islamic funding schemes through Amlak Finance

Dubai World Central (DWC), the 140-sq-km multi-phase airport-cum-city complex centred around the world's largest international airport under construction at Jebel Ali, has signed a memorandum of understanding with Amlak Finance PJSC, to work together to finalise a DWC customers' financing agreement.

Amlak is the largest publicly listed Islamic home finance company offering Sharia'a solutions, and a pioneer of home finance in the United Arab Emirates (UAE).

The finance agreement will cover all real estate sales across the project's three main components - DWC Residential City, DWC Commercial City and DWC Golf City.

"We are putting together a perspective plan that ensures potential customers are provided a financing option even before property sales commence in 2009," said Khalid bin Harib, CEO, Real Estate, Dubai World Central.

The MoU will look at all possible financing options within Amlak's Islamic financing range, and is the first of many such agreements over the next decade. With a diverse portfolio of plots, villas and apartments on sale, the MoU will also look at the best possible alternatives for future investors, keeping in mind the huge property boom in the region.

Construction on the first mid-income housing segment within DWC Residential City is expected to commence in January 2008.

Apartments will go on sale by mid-2009, when Amlak Finance will process its first housing finance scheme. "Our finance schemes will be the most attractive in the market, keeping in mind the nature of the Dubai World Central project," said Arif Alharmi, CEO of Amlak Finance.