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03-07-14

Dubai's Amlak proposes USD2.7b-debt extension

(MENAFN) Dubai mortgage lender Amlak has recently made a proposal to extend repayments of a debt worth USD2.7 billion to end talks over the last major hangover from the emirate's property market crash in 2008, according to Arabian Business. A spokesman said that the sharia-compliant mortgage lender proposed in June to make an initial down-payment of 20 percent, or about USD545m. The extended tenure, a feature of a number of restructurings in the emirate including the USD25 billion Dubai World debt deal, is aimed at allowing asset values to improve so that they can then be sold to service debt repayments.