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Recommendations being Prepared for Property Sector Revival
DUBAI — The committee set up to restructure troubled mortgage lenders Amlak Finance and Tamweel Finance, will shortly submit its recommendations to the government to resuscitate the moribund property and mortgage sectors.
“As mortgage finance is deeply interwoven into our financial system, the report will advise on ways to revitalise the sector,” said the UAE Economy Minister Sultan bin Saeed Al Mansouri, who heads the committee.
He said the proposed alternative strategies will chart a clear course for Amlak and Tamweel, aimed at supporting the growth of the general housing industry.
“The committee has structured options for addressing its immediate needs and reinforcing its business in the longer term,” Mansouri said.
One of these options as stated in previous reports, is that the government may buy a portion of the loan portfolios of both companies.
The other possibilities include the government owning tranches at the two companies’ capital through the issuance of shares in return for financial support, and a combination of these two options.
Trading in the shares of Amlak and Tamweel were suspended by the Dubai Financial Market since November pending their merger.
The government had earlier announced their merger with two state-operated banks.
Mortgage lenders like Tamweel and Amlak have been hit hard by the downturn in the country’s property sector, especially in Dubai where liquidity dried up amid the global recession.
rocel@khaleejtimes.com
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