Negotiations: Steering panel set up

Dubai: A joint steering committee, chaired by Mohammad Ibrahim Al Shaibani, Chief Executive Officer of Investment Corporation of Dubai, has been formed to oversee the exploratory discussions of a possible merger and will include the chairmen of both Amlak Finance and Tamweel.

Subject to successful negotiations and agreement of terms between the respective boards of directors, and applicable shareholder and regulatory approvals, the merger would be expected to close in early 2009.

Both Amlak Finance and Tamweel will call extraordinary general meetings to seek the approval of their respective shareholders for any proposed transaction.

Goldman Sachs International has been asked to act as financial adviser.