Progress in ‘complicated’ Amlak restructuring
According to the Economy Minister Sultan Al Mansouri, restructuring of Amlak Finance is considered a particularly complicated problem. However, solution is near. Amlak is currently discussing proposals to restructure bank debt of about US$2 billion (Dh7.34bn). Since the Dubai property crash in 2008, the company has been facing uncertainty in terms of finance due to the suspension of its shares. The authorities treat the situation with renewed urgency. The government of the UAE has summoned a special committee to resolve Amlak's problems.