Amlak, Tamweel restructuring plan in final stages

Sultan Bin Saeed Al Mansouri, the UAE's minister of economy has said that the restructuring plan for Amlak Finance and Tamweel is in its final stages, Al Ittihad has reported. The plan includes the merger of the two firms and establishing an Islamic bank that will receive the financial support of the government, the daily said. A ministerial committee in charge of the restructuring process had allocated Dhs2bn ($544.5m), equally divided between the UAE government and the Dubai government, to support the financial solvency of the two companies, the newspaper added.