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Tamweel Slashing Jobs as Part of Restructuring
DUBAI - Beleaguered mortgage lender Tamweel PJSC said on Thursday it would cut off 57 jobs as part of a broad-based restructuring to ease the impact of the global financial crisis.
“Tamweel has recently undertaken a review of its business plans and organization structure, to enable the company to be in a stronger position to meet its objectives in the challenging environment that financial institutions face at present,” the company said in a statement to the Dubai bourse.
“It has unfortunately become necessary to make a reduction of 57 staff – this step is under implementation along with other initiatives.”
Tamweel will soon be merged with another mortgage lender Amlak Finance under a newly created company called Emirates Development Bank.
The UAE government will have the controlling stake in the merged entity.
Amlak whose trading of shares have also been suspended said on Tuesday it will consider cutting jobs when it holds a board meeting on July 31.
During the board meeting, the Amlak board will also discuss the merger proceedings, real estate investments and earnings for 2008.
Tamweel said it intends to continue with “renewed focus on its core business of home finance by enhancing operational efficiency.”
“This will help dedicate additional resources to areas which hold high business potential in the longer term. The reorganisation has been initiated in the best interest of shareholders and investors.”
Mortgage lenders like Tamweel are reeling from the global credit crisis with liquidity drying up as banks tightened lending criteria.
The crisis as a result also slowed down the property sector in the country, especially in Dubai which is bracing for what could be a more severe downturn in the market.
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