Tamweel cuts 57 jobs in restructuring move

30 Jan 2009 | 180 views | No Comment | Reply |

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

Bookmark and Share

Related Posts:

  • No Related Post

Reply