Tamweel disputes media report on funding needs

Dubai mortgage lender Tamweel PJSC TAML.DU rejected a media report saying it needed $1.55 billion in funds to restart its financing operations, but did not say how much it did need.

"We do not agree with either the analysis of the conclusions of this media report," Tamweel said in a statement on Monday.

Tamweel and rival Amlak Finance PJSC AMLK.DU are being restructured by the government and could be merged as they suffer from a sharp downturn in residential real estate prices in their home market.