Emaar gets Dh214.4m repayment from Amlak

Emaar gets Dh214.4m repayment from Amlak

Developer had lent Islamic finance firm Dh712m

Published: 00:00 March 7, 2011

Dubai: Emaar Properties, the developer of the world’s tallest tower in Dubai, said it received Dh214.4 million from Amlak Finance as part of loan repayments in 2010.

Emaar’s loans to Amlak, the Islamic mortgage company being reorganised by the UAE government, amounted to Dh712 million at the end of last year, the company said in its reviewed earnings statement on the Dubai bourse yesterday.

The amount owed by Amlak is “unsecured” and earns an average return ranging from 4 per cent to 4.5 per cent a year, it said.

Emaar’s management believes the loan due from Amlak is “fully recoverable”.

Emaar holds a 45 per cent stake in Amlak, according to Bloomberg data.

The company said it booked an impairment provision of Dh176.6 million toward loan losses from Dubai Banking Group, according to the statement.

via gulfnews : Emaar gets Dh214.4m repayment from Amlak.