21.03.2012 - UAE cuts Amlak debt by $1.1bln
The federal government has cut struggling Islamic lender Amlakís 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 Dubaiís battered property sector a boost as the federal government helps clean up the damage from Dubaiís 2009 real estate bust. Amlak, which is 45%-owned by Dubaiís largest real estate firm Emaar Properties, was one of the highest profile victims of Dubaiís construction boom which abruptly ended after the global financial crisis in 2008...............................................Full Article: Source
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