| 06 May 2009 |
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Tamweel, Amlak to get support
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Islamic home finance firms AmlakAmlak
and TamweelTamweel are to receive major government support, TamweelTamweel Chairman Sheikh Khalid bin Zayed bin Saqr Al Nahyan has revealed.He said the eagerly awaited announcement about the future of the firms would be issued by the highest authorities in the UAE.
"I cannot disclose the nature of the decisions but most certainly they will take into account the interests of the two companies and their shareholders," he told financial website Argaam.com.
"TamweelTamweel
's 2008 financial results have demonstrated the company's ability to stand firm in the face of the global financial crisis and to continue as an economic entity with assets and profits."He said the losses made in the final quarter of last year were a natural result of the halt in financing and the costs shouldered by the company in the current circumstances. "It is not expected that TamweelTamweel
will report profits for the first quarter of 2009 for the same reasons," he added. "The company is waiting for the green light to resume its activities and business when decisions related to it and AmlakAmlak are made by the special committee."But he hinted the company will be more restrained in future in terms of the level of finance it provided. Before the economic downturn this could reach 90 per cent of a property's value.
By Staff Writer
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