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Shuaa’s chief economist calls delay in Tamweel and Amlak merger a “shame”
A senior executive at Shuaa Capital described the extended delay in the high profile merger…
October 11, 2009 3:27 by kippreport
A senior executive at Shuaa Capital described the extended delay in the high profile merger between the nation’s two largest lenders, Tamweel and Amlak, a “shame,” reported Maktoob Business.
Mahdi Mattar, the chief economist at Shuaa Capital, said the government needs to be “faster, more proactive” with regards to the merger.
Before the lenders suspended operation in November 2008 to begin the merger process, they accounted for over half the mortgages in the UAE. However, due to unexplained delays, the merger is not complete to date.
Mattar also said the government needs to make mortgage more available to expatriates if it want to revive its ailing property industry.
“Despite announcements by banks, it is really still extremely difficult to get a mortgage in the UAE if you are an expat,” he said. “And 80 percent of the population are expats.”
“Without refinancing in the form of mortgages, you cannot [kick start] demand.”
With an expected 80,000 homes to flood Dubai’s real estate market over the next two years, Mattar said “it is imperative to see full support to mortgage companies” to “shrink this oversupply of homes.”