Move reflects the Federal Government's support to the economy and strengthening of financial institutions
High level Committee to evaluate Amlak's and Tamweel's performances in the changed economic environment; recommend plan for the development of a strong long-term business model
Dubai, February 4, 2009: In a step that will lend strong impetus to UAE's mortgage market and its sustainability, the UAE Cabinet announced the formation of a Steering Committee to review and recommend strategies for the country's leading mortgage lenders - Amlak and Tamweel.
The high-level Committee, headed by H.E. Sultan bin Saeed Al Mansouri, UAE Minister of Economy, brings together experts from across ministries and regulatory bodies. The move highlights the federal government's support to the UAE economy and strengthening of its financial institutions.
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