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New entity in Amlak-Tamweel merger to get govt funding
DUBAI, Nov 24 (Reuters) - The federal government of the United Arab Emirates will provide funds to a new entity that will house troubled Islamic lenders Amlak AMLK.DU and Tamweel TAML.DU, a Dubai government official said on Monday.
Mohamed Alabbar, a member of the Gulf emirate's ruling council and chairman of Emaar Properties (EMAR.DU), spoke in reference to a four way tie-up between the two Dubai-based Islamic lenders, the federal government's Real Estate Bank and Emirates Industrial Bank.
The new entity will be called Emirates Development Bank.
"The details are being worked out but the new entity will be supported by capital and funding," he said.
Emaar, which owns a stake in 45 percent stake in Amlak, will retain a share in the new merged entity, Alabbar said.
(Reporting by John Irish; writing by Amran Abocar; editing by Lin Noeuihed)
