Emaar may raise stake in Amlak – chairman

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RAISED STAKE:Emaar would welcome other state institutions taking a stake in Amlak, Alabbar said

RAISED STAKE:Emaar would welcome other state institutions taking a stake in Amlak, Alabbar said

Dubai developer Emaar Properties may raise its stake in troubled Islamic mortgage provider Amlak but has not decided by how much, Emaar's chairman has said.

Emaar, the UAE’s largest listed property firm, may also take provisions related to Amlak in the first quarter of 2011, Mohammed Alabbar said in an interview with al Arabiya television on Wednesday.

"I believe if this is part of the solution [for Amlak] we will raise the stake," he said.

Emaar, which holds a 48 percent stake in Amlak, said in September that the Islamic lender may need to restructure its debt obligations which may expose Emaar to loan write-offs and a decrease in the value of its investments.

He said currently there are no new companies looking to take a stake in Amlak but added Emaar would welcome other government institutions.

A resolution for Amlak could be found during the first quarter of 2011, Mohammed Al Shaibani, deputy chairman of Dubai's supreme fiscal committee said in November.

Dubai Islamic Bank earlier this year raised its stake in rival mortgage provider Tamweel effectively ending the prospect of a long-awaited Amlak-Tamweel tie up.

Shares in Amlak and Tamweel have not traded since 2008 when the UAE government said it aimed to merge the two firms.

 

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0.15 1.47 (%)
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Posted by: Steve

Amlak had (has) the worst customer service of any financial supplier in Dubai. They held their previous customer hostages and kept changing the rules to suit their own business requirements .... thats why so many customers left them. If you ever tried to complain or even wrote to them you never got a reply. Improve your service and your business will thrive - a lesson that many organisations in Dubai need to learn!

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