Property

Shares in Dubai’s Amlak soar on Emaar partnership talks

The Dubai-listed mortgage provider says it is in talks with Emaar to develop land in ‘distinctive locations’, according to media report

PHOTO: Global ratings agency Standard & Poor’s said it expects Dubai property prices to fall by a further 10% to 20%. Credit: Shutterstock

Shares in the Amlak Finance jumped by 15 percent on Monday after the Dubai-listed mortgage provider said it was in talks over a partnership with developer Emaar.

The company’s shares closed at Dh2.58 after it said it is in talks with Emaar to develop land in “distinctive locations”, according to Bloomberg.

READ MORE: Dubai property prices to drop by up to 20%, S&P forecasts

Shares in the company, listed on the Dubai Financial Market, continued to trade heavily on Tuesday morning.

The report was carried by the Al Khaleej newspaper, quoting Amlak chief commercial officer Adnan Al Awadhi. The executive also said that Amlak is in talks with Dubai’s Land Department to revive delayed projects.

The rise in the Amlak’s shares came on the same day that global ratings agency Standard & Poor’s (S&P) said it expects Dubai property prices to fall by a further 10% to 20% by early 2016.

But a massive crash like that seen in 2009 during the financial crisis is not on the cards, the agency said.

READ MORE: Dubai property prices to drop by up to 20%, S&P forecasts

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