Amlak Finance makes early and full settlement of outstanding financing facilities

Amlak Finance on Thursday announced its early and full settlement with financiers.

Since the initial restructuring under the Common Terms Agreement (CTA) in 2014, Amlak has successfully settled Dh10.2 billion with a total of 29 financiers. As of July 24, Amlak has fully settled its financial obligations, which were contractually scheduled to be settled by October 2026, by paying the balance amount of Dh898 million to the six remaining financiers ahead of schedule, which is a key step towards the formal CTA exit. 

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Over the past few years, the settlement of financial obligations has been one of the most significant challenges. This achievement was further reinforced by a series of strategic steps, including the sale of some land assets.

Arif Albastaki, CEO of Amlak Finance PJSC, said: “The successful settlement ahead of time, marked by the early fulfilment of our financial obligations, signifies a pivotal moment for Amlak. This achievement not only underscores our commitment to a robust financial framework but also reflects our resolve to deliver on our promises and empowers us to embark on our transformative journey with renewed vigour.”

“We are following a strategic path that not only strengthens our financial position but also allows us to focus on high-growth opportunities. This represents a critical step forward as we transition into a more agile and focused organisation,” added Arif.

Somshankar Bandyopadhyay

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somshankar@khaleejtimes.com

Somshankar Bandyopadhyay is a News Editor with close to three decades of experience. Currently, he manages the business section, ensuring that the top economic and business news of the day reaches its readers.