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Minister Says UAE Nears Plan for Amlak-Tamweel Revamp
ABU DHABI - The United Arab Emirates government has almost completed a plan on how to restructure troubled Islamic mortgage lenders Amlak Finance and Tamweel, the economy minister said on Monday.
“We are almost finalised on the issue now,” Sultan bin Saeed Al Mansouri told reporters when asked about how the government was progressing on a plan to review ways to help the companies face the financial crisis, including possibly a merger.
Mansouri heads a committee set up earlier this year to determine how to move forward with the two Dubai-based mortgage finance companies that have been struggling amid a real estate market downturn in Dubai.
“Everything is under control and discussions are going on,” Mansouri said, declining to give further details.
In November, the government said it intended to merge Amlak and Tamweel with two state-run banks into Emirates Development Bank.
Shares of both firms have not traded since then.
But Mansouri said earlier this year a merger was only one option the government was looking at.
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