Dubai: The Dubai-based mortgage company Amlak Finance has just received a Dh850 million boost, following a settlement reached with a third-party on the payment. This followed a 2019 court judgement that went in Amlak’s favour.
The company is taking on the Dh850 through a mix of plots and cash. On the property side, it will acquire 31 undeveloped plots in the Ras Al Khor area with a combined value of Dh650 million. In addition, it will secure Dh200 million split over four instalments over the next 24 months.
The first Dh50 million will be paid on the signing of the settlement agreement, the second 12 months later, the third in 18 months and the fourth on completing 24 months.
It was in October 2019 that the Dubai International Arbitration Centre ruled in Amlak’s favour, awarding it Dh780 million under the agreement. There were legal costs and additional compensation covered by the judgement. The dispute reached the courts in 2013.