Tamweel, Amlak to merge into new entity
Dubai, November 23, 2008
Leading real estate finance providers Amlak Finance and Tamweel, will be merged into a new entity under the Real Estate Bank, said the Ministry of Finance, in a report.
'The merger is considered a landmark development for the financial market in the UAE. It will create a new entity that will serve as a cornerstone of the real estate finance market which has great fundamentals,' an official from the ministry, was quoted as saying in the Gulf News report.
'The new entity will provide a solid ground for the UAE's economic growth, while the Real Estate Bank will benefit from the management expertise of both companies,' stated Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan, chairman of Tamweel.
More Finance & Capital Market Stories
- Oman fiscal surplus widens to $1.4bn
- Al khaliji opens new branch in Doha
- Bayzat launches online DBR calculator
- Dubai bourse tops 3,000 for first time in 5 years
- Bahrain mulls solvency rules for Takaful industry
- LuLu Exchange opens 3rd branch in Bahrain
- Saudi economic growth picks up in Q3
- GIH picks ex-Barclays banker as investment head
- Jeddah Economic Company names new CEO
- Saudi real GDP growth surges to 3.1pc in Q3