According to Sheikh Khalid Bin Zayed Bin Saqer Al Nahyan, Chairman, Tamweel, a decision on whether to merge UAE's leading real estate financiers - Tamweel and Amlak will happen only after the government unveils a plan to restructure the firms. Speaking on the sidelines of the World Economic Forum in Jordan, the chairman reiterated that the government would announce the restructuring plans in a "few weeks".
Sheikh Khaled said, "Once that's done, there is going to be a decision about a merger or not".
The fate of a merger between the two Islamic real estate finance providers has been under review by a federal government committee since the UAE announced in November last year that it would merge the firms with 2 other state-controlled banks. Amlak and Tamweel would be recapitalized with money from the federal government and would not tap into bond proceeds from Dubai's $10 billion bond sale. The companies would only be able to resume trading on the Dubai Financial Market once the government unveiled the new structure.
