Amlak expecting cash 'soon'

Amlak Finance, which faces a liquidity gap of more than Dh12 billion as per the contractual asset-liability mismatch calculated for the three-month period ending June 30, 2009, hopes to resolve this soon, according to the company's chief executive.

"Discussions directly with banks as well as through the Merger Steering Committee on a long-term sustainable funding plan for Amlak are on and we expect the results will be announced soon by the government," said CEO Arif Alharmi in response to queries on how the company was planning to address this gap.

Meanwhile, in another development, the media office of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai last night issued a statement relieving Amlak's Chairman Nasser Al Sheikh of all his government positions.