Creditors of Dubai firm Amlak Finance are considering a restructuring proposal from the indebted mortgage lender, said the UAE economy minister said, adding he expected it would reach a debt solution.
Amlak, a victim of the bursti
Dubai-based Emaar Properties, developer of the world's tallest building, said revenue from villa sales and its rental and hospitality units rose last year, but this was not enough to offset an 85-per cent drop in apartment sale earnings.
UAE’s federal government has cut struggling Islamic lender Amlak's debt burden by $1.1 billion, the economy minister said on Tuesday, in the latest effort to revive the Dubai mortgage provider whose stock has been halted since 2008.
Emirates NBD, Dubai's largest bank by assets, could see its Tier 1 capital ratio fall by nearly 1.1 percentage points if it is forced to absorb embattled property lender Amlak Finance, HC Securities said on Sunday.
ENBD, which is 56-pe
Troubled Islamic mortgage lender Amlak posted a wider second quarter net loss as income from its core business fell and impairments more than doubled, the company said in a statement on Tuesday.
The Dubai lender made a net loss of 52.2 mil
Dubai-based lender Amlak said on Thursday net loss for the first-quarter soared hurt by higher provisions and a sharp drop in revenues.
The Islamic mortgage lender made a net loss of Dh53.9 million ($14.67 million) for the quarter, compare
Dubai-based Islamic mortgage lender Amlak reported a net loss of Dh219 million ($59.64 million) in 2010, as property-related income dropped and the lender booked impairments on its Islamic financing and investment assets.
The company regis
Dubai's Emaar Properties on Thursday ruled out converting a Dh230 million ($62.6 million) loan to mortgage affiliate Amlak into equity, a day after it said it may raise its stake in the lender.
'There was an option earlier consider
Dubai developer Emaar Properties may raise its stake in troubled Islamic mortgage provider Amlak but has not decided by how much, Emaar's chairman said on Al Arabiya television.
The United Arab Emirates' largest listed property fir
A resolution for troubled Islamic mortgage lender Amlak Finance could be found during the first quarter of 2011, a senior Dubai official said on Sunday.
The United Arab Emirates government said in November 2008 it aimed to merge Amlak