AGL 38.11 Decreased By ▼ -1.47 (-3.71%)
AIRLINK 129.31 Decreased By ▼ -1.91 (-1.46%)
BOP 6.93 Increased By ▲ 0.12 (1.76%)
CNERGY 4.57 Decreased By ▼ -0.14 (-2.97%)
DCL 8.10 Decreased By ▼ -0.34 (-4.03%)
DFML 39.41 Decreased By ▼ -2.06 (-4.97%)
DGKC 78.60 Decreased By ▼ -3.49 (-4.25%)
FCCL 31.83 Decreased By ▼ -1.27 (-3.84%)
FFBL 70.90 Decreased By ▼ -1.97 (-2.7%)
FFL 12.00 Decreased By ▼ -0.26 (-2.12%)
HUBC 108.16 Decreased By ▼ -2.58 (-2.33%)
HUMNL 13.74 Decreased By ▼ -0.77 (-5.31%)
KEL 4.90 Decreased By ▼ -0.29 (-5.59%)
KOSM 7.48 Decreased By ▼ -0.13 (-1.71%)
MLCF 37.60 Decreased By ▼ -1.30 (-3.34%)
NBP 67.49 Increased By ▲ 3.48 (5.44%)
OGDC 187.02 Decreased By ▼ -5.80 (-3.01%)
PAEL 24.92 Decreased By ▼ -0.76 (-2.96%)
PIBTL 7.25 Decreased By ▼ -0.09 (-1.23%)
PPL 147.80 Decreased By ▼ -6.27 (-4.07%)
PRL 24.79 Decreased By ▼ -1.04 (-4.03%)
PTC 17.10 Decreased By ▼ -0.71 (-3.99%)
SEARL 79.55 Decreased By ▼ -2.75 (-3.34%)
TELE 7.45 Decreased By ▼ -0.31 (-3.99%)
TOMCL 32.41 Decreased By ▼ -1.05 (-3.14%)
TPLP 8.18 Decreased By ▼ -0.31 (-3.65%)
TREET 16.51 Decreased By ▼ -0.11 (-0.66%)
TRG 56.40 Decreased By ▼ -1.00 (-1.74%)
UNITY 27.70 Increased By ▲ 0.19 (0.69%)
WTL 1.33 Decreased By ▼ -0.04 (-2.92%)
BR100 10,297 Decreased By -207.2 (-1.97%)
BR30 30,324 Decreased By -902.7 (-2.89%)
KSE100 96,717 Decreased By -1363 (-1.39%)
KSE30 30,156 Decreased By -402.6 (-1.32%)

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.