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FinancialNews


  • 22-03-21

    DubaiL: Amlak Finance announces losses of USD122.8M

    (MENAFN)Large losses of 451.1 million dirhams (USD122.8 million) for last year were announced by Amlak Finance, the Dubai-company that financed much of the emirate’s boom year’s property projects.

    Fair worth losses on its investment properties increased to about 462 million dirhams (USD 125,775 million) from 18.2 million dirhams a year ago stated Islamic finance adding that fair value losses on its investment properties ballooned to about 462 million. At the same time impairments on its Islamic financing and investment assets increased to 204.3 million dirhams (about USD 55,619 million).

    The company further declared that Real estate prices “declined significantly due to COVD-19 impact” in 2020 leading to the jump in the fair worth loss on its range.

    Amlak was involved with a figure of restructuring plans since 2014 with its financiers.

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