Amlak-Tamweel merger 'not definite' - finance chief

Minister of economy says merger still one of many options being considered.
Amlak-Tamweel merger 'not definite' - finance chief
By Daliah Merzaban
Thu 05 Feb 2009 08:55 AM

The UAE government is rethinking whether to merge troubled mortgage providers Amlak and Tamweel, the minister of economy said in remarks published on Thursday.

"Various options are being considered in the long-term interests of the mortgage market and investors," Sultan al-Mansouri was quoted as saying by Gulf News. "Merger continues to be one of the options, however, not a definite option."

The UAE cabinet has appointed a committee to recommend ways for Tamweel and Amlak to develop their businesses as they face new economic challenges, the committee said on Wednesday.

It made no mention of a merger announced by the government in November that would lead to Amlak and Tamweel combining with two state-run banks into the Emirates Development Bank.

Shares of both firms have not traded since that announcement. (Reuters)

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