Emaar postpones board meeting to Wednesday, says bourse

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DUBAI: Emaar Properties, builder of the world’s tallest tower in Dubai, postponed its board meeting to Sept. 29, a statement on the bourse website said on Tuesday.

The meeting, which was scheduled for Monday, will discuss company performance along with other "matters of importance", Emaar said. It gave no reason for the postponement.

Separately, UAE Arabic language daily Al Bayan cited sources as saying that Emaar’s stake in mortgage lender Amlak would be among topics discussed. It did not provide further details.

Emaar is a majority stakeholder in Amlak with a stake exceeding 45 percent.

Speculations over Amlak’s fate escalated after Dubai Islamic Bank’s announcement on Sunday it raised its stake in Islamic mortgage firm Tamweel to 57.33 percent.

The deal will most likely scrap a long-planned merger between Tamweel and rival lender Amlak, analysts say.


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