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01/07/2025 06:17 AST
The Dubai based finance company Amlak is exiting the real estate side of its business operations.
Shareholders on Monday (June 30) gave their approval for Amlak to sell its real estate financing portfolio in full. This would be done through 'various means', including the sale of its existing financing contracts to other institutions.
Amlak's stock on DFM has been one of the best-performing this year, up nearly 90% to Dh1.64.
Another option would be exit financing contracts that Amlak holds through mutual agreement with customers. And 'authorizing the Board of Directors to approve such transaction and offer discounts and waivers as may be deemed necessary to undertake such transactions," said a statement.
Incidentally, Amlak was set up as a home finance company when Dubai's property market was going through its first freehold boom in the mid-2000s.
Accumulated losses are under control
Amlak had losses totaling Dh2.3 billion by end 2020, and which was then reduced to Dh258 million by end 2023.
"In 2024 and during period ended 31 March 2025, Amlak reclassified foreign currency translation reserve losses of Dh96 million and Dh242 million, respectively, to accumulated losses upon repatriation of funds from its subsidiary in Egypt to UAE," the company had said recently.
In parallel, Amlak struck an agreement with financiers on a re-payment agreement. The plan is 'settle outstanding obligations by 2026 through the planned sale of some assets'.
One of these assets would be land in Ras Al Khor to Emaar, which would fetch close to Dh3 billion.
The shareholders' meeting on Monday also approved the transfer of the balance of Amlak's legal reserve and the special reserve - totaling Dh307.39 million and Dh99.26 million - to offset the accumulated losses partially.
In the recent past, DFM-listed Deyaar and Gulf Navigation had taken decisive steps to write off legacy losses. What emerged were operationally and financial sound companies.
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