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Sun 14 Nov 2010 08:33 AM

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Loan due from Amlak is 'fully recoverable' - Emaar

Emaar's loan to Amlak Finance amounted to AED772.6m ($210.36m) at the end of September

Loan due from Amlak is 'fully recoverable' - Emaar
(Getty Images)

Emaar Properties said it believes the loan due from Amlak Finance, the Islamic mortgage company being reorganised by the UAE government, is “fully recoverable.”

Emaar’s loan to Amlak amounted to AED772.6m at the end of September, the company said in its reviewed earnings statement on the Dubai bourse on Sunday. The loan included AED533.7m relating to a credit facility, it said. Emaar holds a 45 percent stake in Amlak, according to Bloomberg data.

Emaar’s trade receivables at the end of September amounted to AED1bn compared with AED981.4m at the end of last year, according to the statement.

Trade receivables within the next 12 months totaled AED802.3m, it said.

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