UAE mortgage giants in merger talks

Calcutta News.Net
Sunday 5th October, 2008

The surging Dubai and Abu Dhabi property markets received a major boost on the weekend with news that the UAE's biggest mortgage lenders are in talks over a possible merger.

Amlak Finance and Tamweel PJSC have formed a steering committee headed by Investment Corporation of Dubai CEO Al Shaibani.

The mortgage industry is only seven years old in the UAE but with the real estate boom unfolding it has expanded rapidly. Combining forces of the two majors will provide a solid foundation for further development, both within the country and abroad.

Amlak and Tamweel include as shareholders the region's biggest property developer Emaar, the Dubai Islamic Bank, and Dubai World. Tamweel Chairman Shaikh Khalid Bin Zayed Bin Saqer Al Nahyan said the three shareholders of the respective companies were all supportive of the merger talks.

Goldman Sachs has been engaged to advise on the negotiations.

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