AGL 38.25 Decreased By ▼ -1.33 (-3.36%)
AIRLINK 126.00 Decreased By ▼ -5.22 (-3.98%)
BOP 6.85 Increased By ▲ 0.04 (0.59%)
CNERGY 4.46 Decreased By ▼ -0.25 (-5.31%)
DCL 8.01 Decreased By ▼ -0.43 (-5.09%)
DFML 38.50 Decreased By ▼ -2.97 (-7.16%)
DGKC 78.00 Decreased By ▼ -4.09 (-4.98%)
FCCL 31.11 Decreased By ▼ -1.99 (-6.01%)
FFBL 69.00 Decreased By ▼ -3.87 (-5.31%)
FFL 11.86 Decreased By ▼ -0.40 (-3.26%)
HUBC 107.59 Decreased By ▼ -3.15 (-2.84%)
HUMNL 13.60 Decreased By ▼ -0.91 (-6.27%)
KEL 4.88 Decreased By ▼ -0.31 (-5.97%)
KOSM 7.39 Decreased By ▼ -0.22 (-2.89%)
MLCF 37.05 Decreased By ▼ -1.85 (-4.76%)
NBP 66.65 Increased By ▲ 2.64 (4.12%)
OGDC 185.51 Decreased By ▼ -7.31 (-3.79%)
PAEL 24.70 Decreased By ▼ -0.98 (-3.82%)
PIBTL 7.29 Decreased By ▼ -0.05 (-0.68%)
PPL 145.80 Decreased By ▼ -8.27 (-5.37%)
PRL 24.50 Decreased By ▼ -1.33 (-5.15%)
PTC 16.48 Decreased By ▼ -1.33 (-7.47%)
SEARL 78.65 Decreased By ▼ -3.65 (-4.43%)
TELE 7.32 Decreased By ▼ -0.44 (-5.67%)
TOMCL 32.30 Decreased By ▼ -1.16 (-3.47%)
TPLP 8.20 Decreased By ▼ -0.29 (-3.42%)
TREET 16.43 Decreased By ▼ -0.19 (-1.14%)
TRG 55.50 Decreased By ▼ -1.90 (-3.31%)
UNITY 27.55 Increased By ▲ 0.04 (0.15%)
WTL 1.31 Decreased By ▼ -0.06 (-4.38%)
BR100 10,291 Decreased By -213.5 (-2.03%)
BR30 30,201 Decreased By -1025.6 (-3.28%)
KSE100 95,859 Decreased By -2220.7 (-2.26%)
KSE30 29,839 Decreased By -719.8 (-2.36%)

The two largest property financiers in the booming Gulf emirate of Dubai - Amlak Finance PJSC and Tamweel PJSC - announced on Saturday that they have opened merger talks. The two firms said they had the blessing of Dubai emir Sheikh Mohammed bin Rashid al-Maktoum, who is also vice president and Prime Minister of the United Arab Emirates, in a statement carried by the UAE's official WAM news agency.
Tamweel chairman Sheikh Khaled bin Zayed bin Saqer al-Nahayan said that the major shareholders - Emaar Properties for Amlak Finance, and Dubai Islamic Bank and Dubai World for Tamweel - were "fully supportive of the merger discussions". "We hope to move the process forward quickly and efficiently with minimal disruption to our customers and employees," he said.
Both companies will call extraordinary general meetings to seek approval for any deal. Goldman Sachs International has been asked to act as financial adviser for the merger talks, which are expected to bear fruit in early 2009.

Copyright Agence France-Presse, 2008

Comments

Comments are closed.