Amalek Finance recently announced the complete and early repayment of outstanding loans, marking a significant step that highlights its financial discipline and strategic vision.
Since its initial restructuring under the common terms agreement in 2014, Amalek has successfully settled its obligations amounting to AED 10.2 billion with a total of 29 lenders. As of yesterday, the company has fulfilled all its financial commitments entirely.
Originally, these obligations were due to be settled by October 2026; however, Amalek has paid the remaining amount of AED 898 million to the six remaining lenders, a decisive move toward officially exiting the common terms agreement.
In recent years, the resolution of financial obligations posed significant challenges for the company. The board of directors and management team exerted substantial efforts in this regard, characterized by effective communication with lenders and the settlement of obligations.
These efforts played a critical role in achieving this important milestone, further bolstered by a series of strategic initiatives, including the sale of certain company-owned lands, aligned with the long-term vision of the firm, which facilitated early repayment to the lenders.
According to Aref Al-Bastaki, CEO of Amalek Finance: “Our success in early repayment and fulfilling our financial obligations ahead of schedule marks a pivotal moment in Amalek’s journey. This accomplishment not only affirms our commitment to strong financial frameworks but also reflects our dedication to honoring our commitments, allowing us to move forward in our transformational business journey with renewed determination.”
He added: “We are on a strategic path that not only strengthens our financial position but also enables us to focus on opportunities for growth. This direction is a crucial step in our evolution into a more resilient and focused company.”
With an emphasis on innovation, operational efficiency, and financial stability, Amalek continues to commit to driving sustainable growth and delivering long-term value to its shareholders and stakeholders. This achievement marks the beginning of a new and significant phase in the company’s journey.