The UAE Minister of Economy, Sultan bin Saeed Al Mansouri, has revealed that the government has reduced Dubai-based mortgage provider Amlak Finance’s debt by Dh4 billion.
The UAE’s economy ministry website said the ministerial committee set up by the government to resolve the problem of Amlak Finance has succeeded, in coordination with the federal government and local authorities concerned, in reducing Dh4 billion in debt owed by the firm.
He stressed that the commission is keen to protect the rights of shareholders and the continuity of the company, while not exposing them to bankruptcy, pointing out that the government will not allow bankruptcies of companies, as has happened in many European countries and the US, and that the state is keen to give priority to the protection of the rights of shareholders and their interests and not expose them to any risk.
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