UAE Government to finalise Amlak, Tamweel plans

The UAE Cabinet will evaluate options to restructure mortgage lenders Amlak Finance and Tamweel and will finalise its decision soon, a government committee said on Tuesday.

A steering committee, headed up by Minister of Economy Sultan Al-Mansouri to make recommendations for the lenders, had completed its review, it said in a statement

Amlak and Tamweel were merged with two Abu Dhabi-based banks in November as part of a consolidation plan.

The committee was to draw up a comprehensive report of Amlak's and Tamweel's performances under the changed economic environment and present its recommendations on the way forward to the government.