The federal government is planning to reactivate Amlak and Tamweel as two independent companies before they can be merged as one entity, Emirates Business has learnt.
In an interview yesterday, Nasser bin Hassan Al Shaikh, Director-General of Dubai's Department of Finance and Chairman of Amlak Finance, said the priority of the federal government is to reactivate the two companies so both firms can start to extend mortgages once again before working on the merger.
"As far as I know, their intention is to reactivate the two companies and then work on the merger," he said. "They don't want to merge the two companies before they activate them, which makes sense because Amlak and Tamweel – which represent more than 60 per cent of the mortgage industry in Dubai – are very important to the real estate."
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