Amlak, Tamweel Merger Gets Cash Allocation, Al Itihad Says

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The Dubai ministerial committee in charge of reviewing and developing strategies for Amlak Finance PJSC and Tamweel PJSC allocated 2 billion dirhams ($545 million) to the country’s mortgage lenders once they have merged, Al Itihad reported, citing an unidentified person familiar with the matter.

The United Arab Emirates, of which Dubai is a member, will provide half the amount and Dubai’s government the other half, according to the committee’s ruling, the newspaper said.

The formal merger proceedings won’t start until both companies have accepted the terms, Al Itihad said.END