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DUBAI: Amlak Finance, the Dubai-company that financed much of the emirate’s boom years property projects, reported widening losses of 451.1 million dirhams ($122.8 million) for 2020.
The Islamic finance company said that fair value losses on its investment properties ballooned to about 462 million dirhams from 18.2 million dirhams a year earlier. At the same time impairments on its Islamic financing and investment assets doubled to 204.3 million dirhams.
Real estate prices “declined significantly due to COVD-19 impact” last year leading to the jump in the fair value loss on its portfolio, the company said.
Amlak has been involved with a number of restructuring plans since 2014 with its financiers.