Dubai – Mubasher: Amlak Finance on Wednesday announced the completion of the development of its labour camp project in Al Ttay, Dubai, according to a company statement.

The project comprises eight labour camps over a built-up area of 567,924 square feet. It includes 1,052 rooms, with a capacity to comfortably accommodate 5,120 workers.

“The on-time delivery of the labour camp project underscores the fact that Amlak is on track when it comes to managing its developments’ timely completion and within the prescribed budget,” Amlak’s CEO Arif Albastaki commented.

Moreover, the AED 158 million standalone project is targeting institutional investors who are looking to buy or rent.

“This project is a testament to our forward thinking approach while further strengthening our leadership position in the market. Through such developments we hope to continue to enhance the value of the real estate market in addition to fulfilling our commitments to our financiers and shareholders,” Albastaki said.

It is worth noting that Amlak Finance reported net losses worth AED 41 million during the nine months ended 30 September 2019, down by 20% from AED 51 million in the same period last year.