Amlak Finance, the Dubai-based Islamic mortgage provider, has proposed a new deal to restructure about US$2.7 billion in debt.
The Dubai-based company part-owned by Emaar Properties met lenders last month to present the deal, a spokesman confirmed in an e-mailed response to questions. If the deal is agreed, Amlak will make an initial 20 per cent down-payment to depositors worth about Dh2bn the spokesman said. The remaining debt to "commercial depositors" will be paid over 12 years, with about Dh1.4bn turned into a convertible instrument, he said.
“Following the meeting, depositors have been given two months to assess and accept Amlak’s restructuring package after which Amlak will be able to start repaying its debt and take the next steps to lift the suspension of the trading of its shares, which has been in place since 2008,” the spokesman said.
Amlak shares were suspended in November 2008 after the global credit crisis blocked the company’s access to borrowing and it negotiated with creditors. the lender reported a third- quarter loss of Dh40 million in 2011, the last time it disclosed financial results, according to filings on the Dubai Financial Market.
Emaar owns 45 per cent of Amlak, according to data compiled by Bloomberg. Shares in the developer of the world’s tallest tower gained as much as 8.2 per cent after Bloomberg reported the proposed debt deal.
Amlak’s liabilities were reduced by Dh4bn in March 2012 after it sold land and reached agreements with some creditors. A government committee restructuring the company decided not to liquidate to protect the rights of shareholders, the UAE Economy Minister Sultan Bin Saeed Al Mansoori said at the time.
PricewaterhouseCoopers is advising the creditor committee. Emirates NBD is chairing the committee, which also includes Standard Chartered, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Dubai’s Department of Finance and the National Bonds Corp. KPMG is advising Amlak.
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
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Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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2012-2015: Barnet FC, first-team performance analyst/head of recruitment
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2018-present: Crystal Palace, player recruitment manager
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Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
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Live: On BeIN Sports HD
Stage result
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The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
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