Amlak Finance P.J.S.C

On 28 August 2025, the Board of Directors of Amlak Finance PJSC passed a resolution by circulation regarding regular internal matters. This decision was made at 9:00 AM. The information was communicated to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, by Lama Takieddin, the Head of Corporate Governance and Board Secretary. A copy of this correspondence was also sent to the Securities & Commodities Authority.

The Board of Directors of Amlak Finance PJSC plans to make a resolution by circulation on Thursday, 28 August 2025, at 9 am. This decision pertains to regular internal matters. The notice is addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, with a copy sent to the Securities & Commodities Authority. The letter is signed by Lama Takieddin, Head of Corporate Governance and Board Secretary.

On 18 August 2025, the Board of Directors of Amlak Finance PJSC passed resolutions by circulation concerning regular internal matters. This decision was made at 9:00 AM. The communication was addressed to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market, and was signed by Lama Takieddin, the Head of Corporate Governance and Company Secretary. A copy of the communication was also sent to the Securities & Commodities Authority.

The form outlines the compliance requirements for companies listed on the market with accumulated losses amounting to 20% or more of their paid-up capital, as per the SCA Board of Directors’ Decision No. (32/R.M.) of 2019. As of August 13, 2025, Amlak Finance PJSC reported accumulated losses of AED 213 million, representing 14% of its paid-up capital, primarily due to fair value loss of investment properties. These losses have decreased significantly from AED 2.3 billion in December 2020 to AED 258 million in December 2023. In 2024 and early 2025, Amlak reclassified foreign currency translation reserve losses from its Egyptian subsidiary to accumulated losses. The company is negotiating with financiers to exit the Common Terms Agreement to enhance operational flexibility and pursue growth opportunities. A repayment agreement has been reached, with plans to settle obligations by 2026 through asset sales. Shareholders approved the sale of certain investment properties and investments outside the UAE and the transfer of the legal reserve balance in General Assembly meetings held in March, April, and June 2025.

The Board of Directors of Amlak Finance PJSC is scheduled to make decisions by circulation on Monday, 18 August 2025, at 9 am. These decisions pertain to regular and internal matters. This notification was sent to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, by Lama Takieddin, Head of Corporate Governance and Board Secretary. A copy of the notification was also sent to the Securities & Commodities Authority.

Amlak Finance PJSC announced its financial results for the first half of 2025, reporting a net profit after income tax of AED 18.53 million, a significant increase from AED 7 million in H1 2024. The company's total assets were valued at AED 2.36 billion. Total revenue for H1 2025 rose by 61% year-on-year to AED 200 million, with increased income from joint ventures and development properties. Operating costs decreased slightly to AED 40 million. Amlak completed the sale of Ras Al Khor land plots for AED 2.9 billion and fully divested its investment in an associate in Saudi Arabia. The company repaid AED 35 million to financiers in Q2 and fully settled remaining financial obligations by July 2025. Investments in the region contributed AED 5 million in income during the period.

Amlak Finance PJSC and its subsidiaries have released an unaudited review report and condensed consolidated interim financial information for the six-month period ending on June 30, 2025.

The letter, dated August 7, 2025, is addressed to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market. It clarifies a discrepancy in reported figures regarding the sale of plots in Ras Al Khor. News articles cited by Knight Frank mentioned a sale value exceeding AED 3 billion, but Amlak disclosed the agreed and executed sale price as AED 2.9 billion. The higher figure in the articles includes estimated registration fees, which were paid by the buyer directly to the Dubai Land Department. The letter is signed by Lama Takieddin, Head of Corporate Governance and Board Secretary, and is copied to the Securities & Commodities Authority.

Amlak Finance PJSC has agreed to sell 18,702,000 shares in Amlak International Finance Company, a joint-stock company in Saudi Arabia. The initial acquisition cost of these shares was AED 163.07 million, representing 10.87% of Amlak Finance's share capital. The sale is valued at SAR 201.677 million (approximately AED 197.28 million). This transaction is part of Amlak Finance's strategy to divest from non-core businesses and reallocate capital, with no expected negative impact on its operations or shareholder rights. Shareholders approved the sale during a General Assembly on April 21, 2025. The buyers include Murbiha Company, Abdulmajed Abdulaziz Almeshaal, and others, while Amlak Finance PJSC is the seller. The transaction is not a related party transaction. The agreement was signed on June 12 and July 31, 2025, with execution dates on June 12, June 15, and July 31, 2025. The deal is considered executed.

On 30 July 2025, Amlak Finance PJSC's Board of Directors made decisions by circulation regarding routine internal matters. This information was communicated to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, by Lama Takieddin, Head of Corporate Governance and Company Secretary. The Securities & Commodities Authority was also copied on this correspondence.