Amlak has plans for four developments across its holdings and has already received the necessary approvals to begin projects in Mirdif and Warqa. Lee Hoagland / The National
Amlak has plans for four developments across its holdings and has already received the necessary approvals to begin projects in Mirdif and Warqa. Lee Hoagland / The National

Amlak in talks over partnership with Emaar



Amlak Finance shares soared to new heights yesterday after the Islamic lender announced it was in discussions with Emaar Properties about a partnership to develop land.

In an interview with the Arabic-language Al Khaleej newspaper posted yesterday morning on the Dubai Financial Market's website, the Amlak chief commercial officer Adnan Al Awadhi said the company was in talks with Emaar, its largest shareholder, over working together to develop land in key locations, in collaboration with Dubai Land Department.

Mr Al Awadhi said the lender and Emaar were working to find ways to restart a number of stalled projects, and that agreement was close on one particular project.

The lender’s shares surged on the news, closing up 14.6 per cent at a new high of Dh2.58. A total of 321 million shares changed hands, its second-busiest day of trading since being restored three weeks ago.

“News of this sort is a positive indicator for the shares’ main support block, namely UAE-based retail investors,” commented Julian Bruce, the head of institutional trading at EFG Hermes in Dubai, a leading Mena investment bank.

"However, given that Amlak is 45 per cent owned by Emaar, it shouldn't come as a major surprise that there would be a joint venture between the two.

“I don’t think it should be a reason to move the stock up again, as it shouldn’t come as a surprise.”

Mr Al Awadhi said Amlak owned 4.3 million square feet of land, together with 364 housing units across areas of Dubai including Warqa, Mirdif, Khawaneej and Meydan.

The company has plans for four developments across its holdings and has already received the necessary approvals to begin projects in Mirdif and Warqa.

jeverington@thenational.ae

Follow The National's Business section on Twitter

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

ENGLAND SQUAD

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood

UFC in Abu Dhabi


UFC 112: Invincible (April 10, 2010)

UFC Fight Night: Nogueira v Nelson (April 11, 2014)

UFC 242: Khabib v Poirier (September 7, 2019)


Fight Island 1

UFC 251: Usman v Masvidal (July 12, 2020)

UFC on ESPN: Kattar v Ige (July 16, 2020)

UFC Fight Night: Figueiredo v Benavidez 2 (July 19, 2020)

UFC on ESPN: Whittaker v Till (July 26, 2020)


Fight Island 2

UFC 253: Adesanya v Costa (September 27, 2020)

UFC on ESPN: Holm v Aldana (October 4, 2020)

UFC Fight Night: Moraes v Sandhagen (October 11, 2020)

UFC Fight Night: Ortega v Korean Zombie (October 18, 2020)

UFC 254: Khabib v Gaethje (October 24, 2020)



Fight Island 3

UFC on ABC:
Holloway v Kattar (January 16, 2021)

UFC on ESPN: Chiesa v Magny (January 20, 2021)

UFC 257: Poirier v McGregor 2 (January 24, 2021)



UFC 267: Blachowicz v Teixeira (October 30, 2021)

UFC 280: Oliveira v Makhachev (October 22, 2022)

The five pillars of Islam
Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

MATCH INFO

Real Madrid 2

Vinicius Junior (71') Mariano (90+2')

Barcelona 0

J Street Polling Results

97% of Jewish-Americans are concerned about the rise in anti-Semitism

76% of US Jewish voters believe Donald Trump and his allies in the Republican Party are responsible for a rise in anti-Semitism

74% of American Jews agreed that “Trump and the Maga movement are a threat to Jews in America"

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”


Latest
Most Read
Top Videos

On The Money

Make money work for you with news, features and expert analysis

      By signing up, I agree to The National's privacy policy
      On The Money