Al Awadhi: Amlak and Emaar Properties plan to reach an agreement to develop land in distinctive locations, Amlak Chief Commercial Officer Adnan Al Awadhi told Al Khaleej newspaper, according to Business Week. The company, which didn’t respond to e-mailed questions, referred to the article in a filing to Dubai stock market. The company shares jumped 15 per cent to close at 2.58 dirhams. Amlak is also in talks with the emirate Land Department to revive stalled projects, Al Awadhi said. The stock resumed trading on June 2 and has risen more than 150 per cent since. The mortgage provider, which restructured $2.7 billion of liabilities, was halted from trading in November 2008 before being rescued from insolvency by the United Arab Emirates’ government.
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Tagged under Al Awadhi, Amlak topics.