Amlak Finance
, which is cash-strapped and not lending to home buyers, is in "discussions with banks as well as through the Merger Steering Committee" on a long-term sustainable funding plan", CL Jose reports in Emirates Business 24/7. Amlak's chairman,
Nasser al Shaikh
, has been "
deposed from all his positions
even as director general of
Dubai Ruler's Court for Foreign Affairs
" according to the Media Office of Sheikh Mohammed of Dubai.
Meanwhile, 20 property investors turned up in Dubai yesterday
to confront an Ajman developer called Casamia Star
(pictured above), which they claim has failed to update them on the fate of their investments, Nathalie Gillet reports in The National.
HSBC
is cutting the rate for its Flexi Loan customers
by 100 basis points starting on July 1
, Soren Billing reports in Arabian Business.
In brief: Dubai rents will
decline further in the third quarter
, Nakheel
before restoration begins, and Rera is bringing in
new rules to certify property evaluators
.
