Arab Today, arab today uae cuts mortgage lender amlak\s debt by us11bn
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

UAE cuts mortgage lender Amlak\'s debt by US$1.1bn

Arab Today, arab today

Arab Today, arab today UAE cuts mortgage lender Amlak\'s debt by US$1.1bn

Dubai - Arabstoday

The federal government has cut struggling Islamic lender Amlak\'s debt burden by US$1.1bn, the UAE economy minister said on Tuesday, in the latest effort to revive the Dubai mortgage provider whose stock has been halted since 2008. The move could give Dubai\'s battered property sector a boost as the federal government helps clean up the damage from Dubai\'s 2009 real estate bust. Amlak, which is 45 percent-owned by Dubai\'s largest real estate firm Emaar Properties, was one of the highest profile victims of Dubai\'s extravagant construction boom which abruptly ended after the global financial crisis in 2008. UAE Economy Minister Sultan bin Saeed al-Mansouri said a committee had \"succeeded in reducing by some AED4bn (US$1.1bn) of total debt owed by the firm and this in coordination with the federal government and the local parties concerned,\" according to a statement on the ministry\'s website. Amlak\'s total liabilities stood at AED11.01bn as of September 30, 2011, according to its earnings report on the Dubai Financial Market. In November 2008, the UAE government unveiled plans to merge Amlak with rival Dubai mortgage lender Tamweel after the two firms were hard hit by the emirate\'s real estate collapse. That plan was effectively ruled out 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. On Tuesday, Mansouri said resuming trade in Amlak stock will take more time. \"The commission is keen to protect the rights of shareholders and the continuity of the company, while not exposing them to bankruptcy,\" Mansouri said. \"The government will not allow bankruptcies of companies, as happened in many European countries and the US, and the country is keen to give priority to the protection of the shareholders\' rights and their interests and not expose to any risk.\" Dubai has not yet recovered from property market collapse that followed the global financial crisis in 2008. The four-year decline in house prices won\'t end this year, as oversupply weigh on the market. House prices in Dubai are expected to drop another 5 percent this year, a Reuters poll showed. Property firms have been forced to cancel projects and restructure their huge pile of debt with the help of the government. Shares of Emaar were flat on the Dubai bourse at 0630 GMT.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae cuts mortgage lender amlak\s debt by us11bn Arab Today, arab today uae cuts mortgage lender amlak\s debt by us11bn

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae cuts mortgage lender amlak\s debt by us11bn Arab Today, arab today uae cuts mortgage lender amlak\s debt by us11bn

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday