Now that Emaar Properties has written off its Dh172 million investment in Dubai Bank, investor attention is turning to the prospects of its much larger stake in Amlak, the troubled mortgage company.
Dubai's largest developer owns 45 per cent of Amlak, an investment valued at Dh795m (US$216.4m) in the property company's quarterly report released this week.
"That is definitely the next question mark," said Majed Azzam, a Middle East analyst for Alembic HC Securities. In a note to investors yesterday, Alembic warned that Emaar may be forced to write down its entire stake in Amlak this year.
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