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Cayan signs agreement with Amlak International to provide finance to clients on SR3bn Lamar project

Saudi Arabia: Monday, March 10 - 2008 @ 15:54

This agreement will entitle Cayan purchasers to put a minor down payment and use the finance over the next few years.

Cayan already has an agreement with Amlak International for all its properties in Dubai which includes The Jewels, Dorrabay, Infininity, Silverene and Cayan Business Centre. This new agreement that covers KSA and Lamar in Jeddah, gives clients flexibility and more purchasing power as they pay less upfront.

Cayan chairman, Mr Ahmed Al Hatti said: “We are proud to announce our collaboration with Amlak International. Our aim is to serve our clients by providing the finance facilities that will assist buyers in acquiring their dream home or office in an exquisite project such as Lamar.”

Lamar, the first high rise development in Jeddah with a leading location on the Red Sea coastline, offers residential, commercial and retail space plus a spa, all as part of one development. The ground works on this 7 star luxury project has started and will be completed by the end of 2010 with the cost of around SR3bn.

On his side, the Chairman of Amlak International Mr. Abdullah Al Huwaish said: “We are proud to have an agreement with a leading developer as Cayan Investment & Development. This will permit Amlak to fulfill its vision of making its customers at the centre of its innovations in order to make a difference to the world around it in a positive and fulfilling manner.”

This agreement will offer leading Islamic home financing solutions to Lamar purchasers in compliance with the Sharia’a principles paving the way for clients to own their own freehold property in Lamar.

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Monday, March 10- 2008 @ 15:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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