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11 December 2023

Amlak, Tamweel merger decision by March 10


By Parag Deulgaonkar

The restructuring plan for the merger between Amlak Finance and Tamweel will be finalised by a steering committee by March 10, sources close to the deal told Emirates Business.

"They are working on the restructuring plan, which is expected to be finalised by March 10," he said, without commenting on the structuring or the share the federal government will hold in the merged entity.

In February, the Ministry of Finance said the steering committee, headed by Sultan bin Saeed Al Mansouri, UAE Minister of Economy, aims to review the merger between and also recommend ways Amlak and Tamweel can go forward.

The committee will also analyse future scenarios for Amlak and Tamweel in the wake of challenges faced by the mortgage market due to global financial crisis.