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Amlak and Tamweel seek access to liquidity through government

Mortgage lenders take action as cash crunch takes toll on economy.

  • Staff Report
  • Published: 00:11 October 20, 2008
  • Gulf News

Dubai: Amlak Finance and Tamweel - the two mortgage lenders who earlier announced a merger plan - on Sunday said they are "working closely with government authorities to arrange access to liquidity and funding alternatives," at a time when the liquidity crunch is taking its toll on the country's financial sector.

The two institutions said they have begun consultation with key stakeholders, including the Investment Corporation of Dubai (ICD) as representative of the Government.

"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," stated a statement that was jointly issued. "Details of such arrangements will be announced shortly," it said.

All key stakeholders have reaffirmed their strong support for a potential combination of the two entities.

"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 Ebrahim Al Shaibani, 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."

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