Latest news with #CommonTermsAgreement
Emirates 24/7
5 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
5 days ago
- 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
6 days ago
- 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.
