Emirates Development Bank

Tamweel restructuring including layoffs

Suzanne Fenton reported on 29 January on Gulf News, that Dubai-basedm mortgage lender, Tamweel PJSC - a company which is currently under merger process with Amlak - is restructuring its business plans and organisational structure that involves a reduction of 57 staff members from its workforce. Tamweel, Amlak, Real Estate Bank and Industrial Bank are about to merge to UAE`s largest mortgage provider. Emirates Development Bank will have access to government funds.

Amlak meeting to consider job cuts

Amlak Finance, the mortgage financer will consider job cuts at its board meeting on 31 January the company announced in a statement along to discuss the merger proceedings with Tamweel and earnings. Amlak and Tamweel will be both taken over by Abu-Dhbai based Real Estate Bank, merge with the Emirates Industrial Bank under the new name Emirates Development Bank according to reporting by the state news agency WAM in November.

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