Emaar ready to increase stake

Emaar-PropertiesDubai developer Emaar Properties might increase its stake in the disturbed Islamic mortgage provider Amlak though not thought of by how much, as informed by Emaar's chairman on a television channel.

The biggest listed property firm in the UAE might also resort to provisions associated with Amlak in the first three months next year, as told by Mohammed Alabbar in an interview on Wednesday. He added that he was of the belief that if that was a part of the solution for Amlak then they could increase the stake.

Emaar is the holder of 48 per cent stake in Amlak. He had told in the month last September that the Islamic lender might require to restructure its debt obligations which has a potential to expose Emaar to loan write offs and reduce the worth of its investments.

He further said that at present no new company was available which was seeking to take a stake in Amlak. However he also said that Emaar would as gladly welcome other government institutions.

The shares of Emaar fell by 1.7 per cent at around 0942 GMT, performing worse than Dubai's bourse which relaxed by 0.7 per cent.