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FINANCIAL NEWS
UAE exempts Amlak from USD1b debt
20 Mar 2012
(MENAFN) UAE Economy Minister Sultan Bin Saeed Al-Mansouri announced the deduction of Dubai-based Amlak’s debt burden by USD1.1 billion, in the latest effort to revive the mortgage provider, Reuters reported.
Amlak, whose stock has been stopped from trading since 2008, was one of the highest profile victims of Dubai’s construction boom which collapsed following the global financial crisis in 2008.
Amlak’s total debt reached USD2.99 billion in September last year, according to its earnings report on the Dubai Financial Market.
In November 2008, the UAE government forged a merger plan for Amlak and rival Dubai mortgage lender Tamweel after the two firms were hard hit by the emirate’s real estate collapse.
However, the plan was scrapped after lender Dubai Islamic Bank raised its stake in Tamweel to 57.33 percent in September 2010, effectively rendering the mortgage lender a subsidiary of the bank.
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