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Amlak and Tamweel will contribute to the creation of a strong entity that will boost the property finance market in Dubai |
Two of the leading UAE-based real estate finance providers, Amlak Finance PJSC and Tamweel will be merged into a new entity under the umbrella of the Real Estate Bank, the Ministry of Finance announced. Merger of Amlak and Tamweel will contribute to the creation of a strong entity that will boost the property finance market in Dubai.
"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," the ministry said.
The merger will be based on the best international standards. The procedures involve financial and legal formalities, a separate assessment and approvals for the integration between the two companies. Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan, Chairman of Tamweel, said the merged entity would enhance the trust of investors in both the financial and real estate sectors in the UAE.
