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Islamic Finance Briefing - Categorized | Finance, Financial Instruments (Credit Cards, Debts, Loans, Mort more

UAE cuts Amlak debt by $1.1bln

Posted on 21 March 2012

The federal government has cut struggling Islamic lender Amlak’s debt burden by $1.1bn, the UAE economy minister said yesterday, 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%-owned by Dubai’s largest real estate firm Emaar Properties, was one of the highest profile victims of Dubai’s construction boom which abruptly ended after the global financial crisis in 2008………………………………………..Full Article: Source

 
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