Amlak Finance and Tamweel merger talks go on

Published October 20th, 2008 - 07:58 GMT

Further to the joint press release dated October 4, 2008, Amlak Finance and Tamweel have continued to progress merger discussions, and have also began consultation with key stakeholders, including the Investment Corporation of Dubai (“ICD”) as representative of the Government of Dubai. All key stakeholders have reaffirmed their strong support for a potential combination of the two entities.

 

As previously communicated, a potential merger will create a stronger entity to capture the attractive domestic and regional opportunity and continue to deliver value to shareholders, the Government, the local economy, customers and employees. Combined together, the two companies will be better positioned to drive growth in a highly attractive and under exploited segment of the market.

 

Given the strategic importance of the combined entity to the UAE economy, the two companies are working closely with Government Authorities to arrange access to liquidity and funding alternatives, to the extent necessary, to fulfill ongoing business plans of the combined entity. Details of such arrangements will be announced shortly.

 

“The two companies form an integral part of the Government of Dubai’s Strategic Plan, and are of critical importance to the economic development of the UAE particularly its real estate sector,” said His Excellency Mohammed Ibrahim

Al-Shaibani, the Chief Executive Officer of ICD. “Amlak Finance and Tamweel have been instrumental in developing the UAE housing finance market and have a strong track record of bringing innovative products to meet the needs of the market,” he added.


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