Latest news with #Amlak
Emirates 24/7
7 days ago
- Business
- Emirates 24/7
Amlak Finance announces early, full settlement of outstanding financing facilities
Amlak Finance PJSC, today announced its early and full settlement with the financiers, a pivotal achievement that underscores its financial discipline and strategic foresight. Since the initial restructuring under the Common Terms Agreement (CTA) in 2014, Amlak has successfully settled AED10.2 billion with a total of 29 financiers. As of 24th July 2025, Amlak has fully settled its financial obligations, which were contractually scheduled to be settled by October 2026, by paying the balance amount of AED898 million to the six remaining financiers ahead of schedule, which is a key step towards the formal CTA exit. Over the past few years, the settlement of financial obligations has been one of the most significant challenges. The Board of Directors and leadership team have exerted exceptional efforts in this regard to actively engage with the financiers and settle the obligations. These dedicated efforts have been instrumental in achieving this key milestone. This achievement was further reinforced by a series of strategic steps, including the sale of some land assets, which aligned with the company's long-term vision and facilitated the early settlement with the financiers. Commenting on the early settlement, 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. Follow Emirates 24|7 on Google News.
Zawya
25-07-2025
- Business
- Zawya
Amlak Finance announces early, full settlement of outstanding financing facilities
DUBAI: Amlak Finance PJSC, today announced its early and full settlement with the financiers, a pivotal achievement that underscores its financial discipline and strategic foresight. Since the initial restructuring under the Common Terms Agreement (CTA) in 2014, Amlak has successfully settled AED10.2 billion with a total of 29 financiers. As of 24th July 2025, Amlak has fully settled its financial obligations, which were contractually scheduled to be settled by October 2026, by paying the balance amount of AED898 million to the six remaining financiers ahead of schedule, which is a key step towards the formal CTA exit. Over the past few years, the settlement of financial obligations has been one of the most significant challenges. The Board of Directors and leadership team have exerted exceptional efforts in this regard to actively engage with the financiers and settle the obligations. These dedicated efforts have been instrumental in achieving this key milestone. This achievement was further reinforced by a series of strategic steps, including the sale of some land assets, which aligned with the company's long-term vision and facilitated the early settlement with the financiers. Commenting on the early settlement, 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.
Mid East Info
24-07-2025
- Business
- Mid East Info
Amlak Finance announces early and full settlement of outstanding financing facilities - Middle East Business News and Information
Dubai, United Arab Emirates,July 2025: Amlak Finance PJSC, today announced its early and full settlement with the financiers, a pivotal achievement that underscores its financial discipline and strategic foresight. Since the initial restructuring under the Common Terms Agreement (CTA) in 2014, Amlak has successfully settled AED 10.2 billion with a total of 29 financiers. As of 24 July 2025, Amlak has fully settled its financial obligations, which were contractually scheduled to be settled by October 2026, by paying the balance amount of AED 898 million to the six remaining financiers ahead of schedule, which is a key step towards the formal CTA exit. Over the past few years, the settlement of financial obligations has been one of the most significant challenges. The Board of Directors and leadership team have exerted exceptional efforts in this regard to actively engage with the financiers and settle the obligations. These dedicated efforts have been instrumental in achieving this key milestone. This achievement was further reinforced by a series of strategic steps, including the sale of some land assets, which aligned with the company's long-term vision and facilitated the early settlement with the financiers. Commenting on the early settlement, 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. With a renewed focus on innovation, efficiency, and financial stability Amlak remains committed to driving sustainable growth and creating long-term value for its shareholders and other stakeholders. This milestone marks the beginning of an exciting new era for Amlak. Amlak Finance PJSC: Since its establishment in November 2000 as the region's pioneer financial services provider, Amlak Finance has provided its customers with innovative, Sharia-compliant property financing products and solutions designed to meet the rapidly evolving market demands.
Observer
26-06-2025
- Business
- Observer
Self-service platform for issuing property title deeds launched
Muscat: In a major stride towards enhancing digital governance and streamlining public services, the Ministry of Housing and Urban Planning has officially launched a new self-service platform for issuing digital property title deeds. The service allows beneficiaries to obtain their title deeds instantly and electronically, eliminating the need for in-person visits to service halls. This initiative marks a significant shift in simplifying procedures. By enabling immediate issuance of ownership documents online, the ministry anticipates reducing the time spent on such services by over 70 per cent and cutting in-person visits by 60 per cent in the first year alone. In addition to efficiency and speed, the initiative aligns with the ministry's sustainability goals. It complements a broader digital transition strategy that includes internal communications, external documentation and now the issuance of secure digital title deeds. Each document is embedded with an electronic verification code, ensuring both accuracy and authenticity. Users can access the traditional version of their property deed through the 'Amlak' platform. Dr Moamen bin Abdullah al Busaidy, Adviser to the Minister for Smart Cities, emphasised the significance of the launch, stating: 'This is a critical step towards a fully digital ownership system. Our ambition is for the majority of the public to adopt electronic title deeds by the end of next year. It will save both time and effort for users, who previously had to physically visit various service locations.' Dr Al Busaidy added that the ministry is currently developing smart services designed to anticipate citizens' needs and deliver information and entitlements proactively — without requiring formal requests. Future enhancements will also enable mobile access to services and real-time interactions with intelligent data systems, further reducing the need to contact support staff directly. Dr Rashid bin Mohammed al Ghilani, CEO of the Oman National Engineering and Investment Company (Oneic), which is partnering with the ministry on the project, commented: 'This strategic collaboration marks a transformative milestone in Oman's digital journey. We are committed to delivering secure and efficient technological solutions that enhance citizen experience and drive public sector innovation. We are proud of the trust placed in us by the ministry and look forward to further partnerships in line with Oman Vision 2040. To maximise accessibility and inclusivity, the new service will gradually be rolled out across more than 300 locations. These include all ministry service halls, Oneic branches and self-service kiosks operating around the clock in all governorates. This expansive rollout is expected to improve operational efficiency and raise customer satisfaction levels to 95 per cent.
Web Release
26-03-2025
- Business
- Web Release
Amlak Finance announces 2024 full-year financial results
By Editor_wr Last updated Mar 25, 2025 Amlak Finance PJSC today announced its full-year financial results for the year ended 31 December 2024. The company focused on prudently managing its UAE operations and balance sheet. Amlak reported a net profit of AED 52 million for the year ended 31 December 2024 as compared to a net profit of AED 259 million for the year ended 31 December 2023. Amlak's revenues from financing and investing business activities for the year 2024 increased by 10% to AED 135 million as compared to AED 122 million in year 2023. Amlak's total revenue for the year 2024 decreased by 23% to AED 347 million as compared to AED 452 million during the previous year. Amlak's operating costs for the year decreased by 20% to AED 119 million, compared to AED149 million last year. The company's debt settlement arrangements, through cash remained successful during the year, enabling two financiers to fully settle their exposure during the year ended 31 December 2024. The company recorded a net gain of AED 45 million (2023: AED 174 million) on debt settlement arrangements and was able to reduce its debt burden by AED 238 million. The company continued to efficiently manage its obligations, with repayment of AED 519 million to financiers. An agreement has been reached with the six remaining financiers on the repayment plan for the outstanding balance of AED 971 million. To date, Amlak has settled 91% of its Islamic deposit liabilities including Mudaraba Instrument relating to financiers. In the region, Amlak's investment in Egypt witnessed the devaluation of the Egyptian Pound against AED which impacted the group's financial position. In KSA, the investment yielded an income of AED 9 million. Commenting on the results, Mr. Jamal Hamed Almarri, Chairman of the board of directors of Amlak Finance PJSC, said: '2024 was a year of measured, strategic management for us. Amidst challenges, we reinforced our foundation with a focus on operational efficiency and prudent debt management. These efforts have strengthened us and positioned us to navigate an evolving market with confidence. Looking ahead, we remain committed to capitalizing on opportunities within the UAE's dynamic real estate sector, coupled with a focus on long-term value creation, that will drive Amlak's future growth. We are dedicated to delivering value to our stakeholders while contributing to the sector's progress and innovation.' Mr. Arif Albastaki, CEO of Amlak Finance PJSC, said: 'We have demonstrated resilience and unity which will serve as the foundation for a brighter year ahead. In our journey, we are overcoming key financial headwinds and making steady progress in debt management, which will be our primary focus for 2025 facilitating Amlak's transition. This year, we remain focused on seizing all opportunities and continue to progress towards achieving our long-term objectives. This relentless pursuit of growth and excellence is grounded in our belief in the power of innovation to create sustainable value for our stakeholders. Amlak achieved key milestones in December 2024 including the successful exit of two out of eight financiers at 70% settlement, that yielded a net gain of AED 45 million. This has strengthened our financial position and enabled us to direct our focus towards future opportunities.' Amlak Finance announces 2024 full-year financial results Comments are closed.
