As part of its strategy. to expand its activities in real estate mortgage finance, Al Baraka Bank Egypt has announced the signing of a final agreement with Amlak Finance PJSC (UAE), a specialized Islamic Real Estate Mortgage Finance company headquartered in Dubai, UAE, to acquire full ownership of Amlak Finance Egypt SAE, after obtaining all required regulatory approvals.
In this regard, Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, and Mr. Ahmad Salameh, Chairman of Amlak Finance Egypt, signed the sale and purchase agreement for Al Baraka Bank Egypt’s acquisition of Amlak Finance – Egypt LLC — one of Egypt’s leading Islamic real estate mortgage finance companies, with a strong track record in the field since its establishment in 2000 in the United Arab Emirates.
On the buy-side, Capital Markets Advisors, a member of Synergy Capital, acted as the exclusive financial advisor to Al Baraka Bank Egypt, while ALC – Alieldean Weshahi & Partners served as the legal counsel and Ledger Consulting Company as tax advisor. Moreover, Al Ahly Pharos Investment Banking acted as the exclusive sell-side financial advisor to Amlak Finance PJSC, while Al Tamimi & Company acted as the sell-side legal advisor.
Commenting on the acquisition deal, Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated, “This acquisition represents a significant step forward in Al Baraka Bank Egypt’s growth strategy, enabling us to further expand our presence in the Egyptian mortgage financing market. It also adds a new entity to the Bank’s non-bank financial institutions (NBFI) portfolio, further enhancing its suite of Sharia-compliant products and services. This move is also in line with the Bank’s strategy to expand in the non-banking financial services sector, which forms an integral part of Al Baraka Banking Group’s overall strategy in Bahrain. I highly value the distinguished role of all participating parties for their collaboration and professionalism in achieving this important milestone.”
For his part, Mr. Ahmad Salameh, CEO of Amlak Finance – Egypt, commented: “This agreement underscores Amlak Finance’s commitment to executing its strategic objectives. We are proud of Amlak Egypt’s growth and achievements and believe that Al Baraka Bank is well-positioned to support its next phase of development. I would like to express my gratitude to Al Baraka Bank Egypt for their commitment throughout this transaction and wish them luck for the future. I would also like to express my sincere appreciation to Al Ahly Pharos for their invaluable advisory support throughout this transaction, as well as to all parties involved for their professionalism and dedication.”
This acquisition reflects Al Baraka Bank Egypt’s longstanding role in financing key sectors, particularly the real estate sector, through its strategic partnerships with major developers and financial institutions. The bank continues to support sustainable urban development projects that contribute to economic growth and promote thprinciples of the circular economy iEgyp
