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.