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Amlak Announces a Whopping 131% (AED 301 Million) Growth in FY07 Net Profits

Nasser Al-Shaikh: Q4 07 signaled a remarkable 758% rise in net profits
Dubai-UAE, January 12, 2008 - Amlak Finance PJSC, the largest publicly listed finance company and pioneer in home finance in the United Arab Emirates (UAE), announced today that its preliminary financial results for 2007 witnessed an outstanding 131% increase in net profits compared to 2006, reaching a total of AED 301 million. Amlak 's Fourth Quarter 07 net profits rose to AED 128.43 million, marking a ground breaking 758% growth compared to the previous year.

"I am pleased to announce today that despite the injection of major financial resources in our regional expansion, Amlak has surpassed all expectations and have almost doubled the 70% forecasted annual profit growth that was projected for 2007," said H.E. Nasser Bin Hassan Al-Shaikh, Chairman of Amlak Finance PJSC. "In 2006, Amlak 's net profits were recorded at AED130.42 million and with the remarkable growth in this year's financial results, I believe this success is attributed to many factors, most important of which centers on the clear focus of consolidating the company's core business by targeting real estate financing and investments."

Amlak 's annual revenue was posted at AED 711 million, up 82% against 2006, with the company's financing activities contributing 65% of the total revenue. Meanwhile, earnings per share (EPS) amounted to AED 0.20, compared to AED 0.09 in 2006, an increase by 122%.

"Our financial results in the UAE operation reaffirm Amlak 's leading positioning in the market and is a reflection of the outstanding performance of the UAE economy under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan - President of the UAE - and His Highness Sheikh Mohammed bin Rashid Al Maktoum - Vice President and Prime Minister of the UAE and Ruler of Dubai," Mr. Al-Shaikh added. "It also reaffirms the significance of the decisions taken by Amlak 's management to launch customer-focused products and services; re-engineer the company's infrastructure complimented by the best talent in the industry; and explore more affordable and efficient sources of funding."

Amlak 's success stories in 2007, which were reflected clearly in the company's announced earnings, have been supported by many pioneering initiatives that have been announced during the year. In the second half of 2007, Amlak was appointed as an official Escrow agent by the Dubai Land Department , regulated by the Real Estate Regulatory Agency . Additionally, Amlak partnered with several of leading real estate developers, thus offering its valued customers access to a pool of world class real estate opportunities.

"I am proud first and foremost of the remarkable effort exerted by our entire team, whose commitment to quality and excellence led to this success," said Mr. Arif Alharmi, Chief Executive Officer of Amlak Finance PJSC. " Amlak will continue to lead the industry through innovation and the development of its high-quality portfolio in order to offer its customers the best in world class home financing."

While the announced annual profits reflect mainly the UAE operation, during 2007 Amlak embarked on a major expansion plan across the region in order to offer its leading edge home financing solutions to other markets in the Middle East.

In September, Amlak signed a Memorandum of Understanding with the World Bank's International Finance Corporation (IFC) , to coordinate efforts between both organizations in order to develop the housing finance market in the region by potentially establishing joint venture partnerships in some of the countries that Amlak is expanding into.

Amlak successfully entered into a joint venture in Saudi Arabia Al Baraka Banking Group , Saudi Investment Bank and Aseer Group to form Amlak International for Real Estate Development ; launched its operation in October 2007 in Egypt, under a wholly-owned unit called Amlak Finance & Real Estate Investment ; announced the partnering with Jordan Dubai Capital - Dubai Holding's Jordanian investment arm and an affiliate of Dubai International Capital - and Jordan's Social Security Investment Unit (SSIU) to form Amlak Finance (Jordan); and signed a Memorandum of Understanding with Barwa Real Estate , Qatar's leading real estate developer, to form Amlak Barwa Finance in Qatar.

According to Mr. Al-Shaikh, 2008 will be the year that Amlak will solidify its leadership in the industry and regional markets, noting that " Amlak 's projected future growth will prove once again this year that our drive for success is endless and our mission is to focus on real estate financing and investing as our core business".

-Ends-

About Amlak Finance PJSC:
Established in 2000, Amlak Finance PJSC has transformed into a public entity in 2004 and is currently the largest publicly held finance company in the UAE. Amlak Finance is the first specialised home finance provider in the UAE and continues to be a leader in the industry by retaining the highest market share according to released financial reports in 2007. In addition, Amlak is considered the largest finance among the publicly traded companies in the UAE.

The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties in a number of emirates in the UAE. Whilst real estate finance remains Amlak 's core business, the home finance provider is constantly developing innovative products to meet customers' demands and market conditions through offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers as well as offers complete solutions for major real estate developers.

For Further information, kindly contact:
contact company::
Lina Anani,
Vice President Corporate Communications
Amlak Finance
email:LAnani@amlakfinance.com
telephone: +971506326564

Samer Renno,
Managing Director
Renno Communications Group / Public Relations
email: samer@rennoandassociates.com
telephone: +971509561516

© Press Release 2008