Amlak and Tamweel to be reactivated
23 April 2009
Amlak and Tamweel, the two financial institutions that manage 60 per cent of the mortgage volume in Dubai, will be reactivated shortly as separate entities, said Nasser bin Hassan Al Shaikh, the general manager of the financial councillor's office in Dubai and Amlak president, in an interview with daily Emirates Business.
In October, the two institutes announced negotiations for a merger, which were later frozen, along with their businesses, due to global financial crisis and the repercussions on the real estate market in the Emirates.
"The federal government intends to reactivate the two institutions and successively resume dialogue for the merger," announced Al Shaikh, pointing out that despite the agreement already reached between the two Boards of directors, "the shareholders will make the final decision".