Amlak Finance PJSC and Tamweel PJSC, the two leading UAE real estate finance providers, will be merged into a new entity under the umbrella of the Real Estate Bank (a government owned entity).
– The Real Estate Bank (REB) was founded in 1990 to support the building sector and provide appropriate housing for UAE citizens by supporting the Shaikh Zayed Housing Programme. It has more than 7,000 customers.
– Amlak is the UAE’s leading Sharia-compliant finance provider with assets worth Dh14.2 billion in the first half of 2008. Tamweel is a leading property finance provider whose assets in the same period were worth more than Dh10.8 billion.
With smoke of global recession reaching Dubai’s shores, there will be more mergers in days to come.