Amlak Finance said today that a court ruling in its favor has awarded compensation of 780 million dirhams in an arbitration case pending before the Dubai International Arbitration Center since 2013.
She noted that the provision included compensation and all legal fees and expenses.
The company explained that it will take legal action to implement the judgment and recover the amounts owed to it according to the ruling.
This provision will not have an impact on the company's financial statements in 2019, as it depends on the speed of the procedures to enforce the judgment.
The shares of the company witnessed an increase of 11.07% at the beginning of the Dubai Financial Market to reach AED 0.33. The market also dominated 38% of trading value.
Emaar Properties owns 45% of the company's shares and has 11 subsidiaries.