ArabianBusiness.com - Middle East Business News
Monday, 23 November 2009 21:54 UAE time

YOUR DIRECTORY /

| Share |

Dubai's Amlak to restructure staff as crisis bites

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 01 February 2009
MONEY MERGER: Amlak will merge with  fellow mortgage firm Tamweel under newly-created Emirates Development bank. (Getty Images)

Dubai's troubled Islamic mortgage lender Amlak, which is due to merge with fellow mortgage firm Tamweel, said on Sunday it plans to restructure its workforce as the global crisis bites.

Last week, Tamweel said it would cut 57 jobs as part of restructuring to mitigate the effects of the financial crisis, which prompted the government of the United Arab Emirates federation to rescue the two mortgage firms last year.

The two firms are due to merge under the newly-created Emirates Development bank in which the UAE's federal government will hold a majority stake.

The merger was announced in November and a government body evaluating the assets of Amlak and Tamweel is due to complete its work early this year, Al Ittihad newspaper said in December.

Story continues below
advertisement

Amlak said in a statement on the Dubai bourse website that it would deal with its real estate investment portfolio "in line with current market conditions and on a case by case scenario".

It did not say whether its workforce restructuring would involve job cuts.

Several Dubai developers behind high-profile projects have shed staff as the global crisis forces the Gulf Arab trade and tourism hub to rationalise spending and revise growth plans.

Major job losses in Dubai, where expatriates comprise over 80 percent of the workforce, could have serious knock-on effects for the whole economy. (Reuters)

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
Why have they waited?
Posted by Skeptical, Dubai on Sunday 1 February 2009 at 14:31 UAE time


Amlak stopped issuing mortgages more than 2 months ago. Why have they not cut back on staff already? What are the customer service/sales people doing all day? And since Amlak will merge with Tamweel it does not make sense that both companies would maintain the same head count. I am confused at Amlak's slow reaction to cut back on staff until now?

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

TAMWEEL.DFM

Last Price:

0.99

0.000.00%

20 Nov 2008 09:59 GMT
(Market Closed)

RELATED LINKS

  1. Amlaki»
  2. Tamweel PJSC»

 EMAIL ALERTS

  1. Amlaki

  2. Tamweel PJSC

  3. Banking & Finance


CURRENCY CONVERTOR

Tell us your story

READER COMMENTS

  1. Dubai developers see negative press reports decline 07
    23 Nov ' 09 at 15:51
    Of course there is a lack of bad press. There are no new projects commencing, no projects getting handed over, no people buying, loads...   More  »
  2. Why I h8 junk txts 05
    23 Nov ' 09 at 17:06
    Putting your phone on silent is the obvious solution (although irritating - can't they just stop sending the texts?!) But the problem...   More  »
  3. Dubai population grows 1.9% in Q2 05
    23 Nov ' 09 at 13:24
    Fact: I have left the country and so has another colleague of mine. Some others are in the process of leaving. Moreover, there are lots...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM