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)
