Tamweel cuts 57 jobs in restructuring move
Posted: January 30th, 2009 | Author: dubaidude | Filed under: By Location, UAE | No Comments »
Dubai’s second largest Islamic mortgage lender Tamweel said on Thursday it would cut 57 jobs as it restructures its business in the wake of the international financial turmoil.
In a statement on the city’s stock exchange, the Dubai Financial Market, the company said: “Tamweel has recently undertaken a review of its business plans and organisation structure, to enable the company to be in a stronger position to meet its objectives in the challenging environment that financial institutions face at present.”
“As part of this reorganisation process, it has unfortunately become necessary to make a reduction of 57 staff from the company’s current employee numbers – this step is under implementation along with other initiatives,” the statement added
In November a tie-up was announced between the troubled lender and the largest mortgage provider in the country, Amlak.
The merger, where the two lenders will become part of a new company, Emirates Development Bank, is due to be completed early this year. The Dubai government will be a major shareholder.
Trading in Amlak and Tamweel shares have been suspended since the announcement of the merger November.
From Arabian Business
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