Dubai’s Amlak to resume trading in H2, says minister

Amlak has not traded since November 2008, when its shares were suspended along with rival Tamweel. (File photo: Reuters)

Dubai’s indebted mortgage lender Amlak, whose shares have been suspended since 2008, will resume trading on Dubai’s bourse in the second half of this year, the United Arab Emirates’ economy minister said on Monday.

“Our target is to list the company in the second half of this year,” Sultan bin Saeed al-Mansouri told reporters on the sidelines of an event in Abu Dhabi.

Amlak has not traded since Nov. 2008, when its shares were suspended along with rival Tamweel, as credit markets dried up and Dubai real estate prices began a slump which would see them fall more than 50 percent from their peak.

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Last Update: Wednesday, 20 May 2020 KSA 09:43 - GMT 06:43
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