Amlak and Tamweel once controlled more than half of Dubai's booming mortgage market, but for more than a year the country's two largest Islamic lenders have been closed to new customers while they crept toward a merger.
Now the creation of a judicial panel to hear disputes involving the two lenders and their creditors is expected to clear the way for the tie-up. But the new panel's precise legal remit has not been made public and lawyers fear it may be usurping a function better provided by the country's court system.
"In my opinion, the judicial committee is more of a pre-emptive move to help keep the situation under control, should some of the creditors choose to push for their claims," says Khalid Howladar, the senior credit officer of structured and Islamic finance at Moody's Investors Service.
"It's there to provide an organised forum for workouts rather than going straight to the courts. It is likely a proactive move to help lessen possible stress among the creditors."
The Ministry of Finance said in November 2008 that the lenders would be part of a four-way merger. The shares of Tamweel and Amlak had each fallen by more than 80 per cent in the previous 11 months. Both shares were suspended from trading on the Dubai Financial Market at the same time.
Last October, a state panel recommended merging the two lenders this year and that process is to begin this quarter.
The new judicial committee is being seen as a way of containing any legal fallout from disputes that may arise between the lenders and others, including creditor banks, mortgage holders and developers.
The committee, created by a royal decree, will be the final authority on all legal claims. But the Government has not yet published the mandate of the panel, which comprises three judges from Dubai Courts.
The office of Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, issued the decree last month.
Analysts say one reason for establishing the panel could be to avoid a further crisis of confidence among investors after Dubai World's debt-restructuring effort. The conglomerate is seeking a standstill agreement covering US$22 billion (Dh80.8bn) it owes to more than 90 lenders.
In December, the Dubai Government formed a tribunal, the first of its kind in the emirate, to streamline the process of settling financial disputes between the creditors and Dubai World's subsidiaries such as Nakheel and Limitless.
In establishing both committees, the Dubai Government seeks to avoid a potentially lengthy court process while allowing the firms to move forward and maintain their functionality, says Essam al Tamimi, a senior partner at the Dubai legal firm Al Tamimi and Co.
"In the normal judicial system, courts will look at what is presented to them and make a judgement, which could be appealed in a higher judiciary, turning into long legal battles," Mr al Tamimi says. "But in this instance, judges will be fully aware of the complete picture."
Tamweel and Amlak relied on short-term loans from local lenders to expand their share of the mortgage market. Their aggressive plans, extending as much as 90 per cent of finance for off-plan properties during the six-year property boom, helped both firms become quickly established in the mortgage market.
Neither of them has a banking licence, which prevents them from accepting customer deposits, one of the cheapest ways of obtaining funding for mortgages.
After hitting a peak in the middle of 2008, property prices have fallen by as much as 50 per cent in Dubai, where both the lenders had amassed a major part of their mortgage portfolios. The property slump has left them with an increasing number of mortgage defaults and, in some cases, property developments that have yet to be built.
Analysts believe the new panel will hear disputes arising from financing for off-plan properties.
Tamweel owes developers Dh2.7bn for properties that have not yet been completed, Fitch Ratings says. This accounts for half of the mortgages extended by Tamweel, which is considered "inherently riskier", Fitch says.
Most of the home loans made by the pair went to customers buying properties from major Dubai developers such as Emaar and Nakheel. The consolidation of property developments in the emirate could have damaging consequences for both lenders, analysts say.
"There is a risk that a property developer could suffer difficulties and cancel a project, leaving Tamweel with the title to an unbuilt property," says Fitch.
Tamweel also owes its major shareholders Dh1.4bn. Its overall financial obligations stood at Dh8.46bn as of September 30, of which Dh4bn had to be repaid by the end of last year.
Fitch says about half of Tamweel's funds come from short-term interbank loans from eight UAE banks and one foreign bank.
"Even though debts of Tamweel and Amlak are rolled over, the fact is that they are in a very difficult financial situation with regards to financing their business in the future," says Mr Howladar.
"This is a big concern given their size in the marketplace. The lack of coherent policy is detrimental to their future and that of home finance in the UAE."
Amlak's balance sheet lists Dh11.2bn in short-term "investment deposits" due between October and December of last year, much of which is believed to have been rolled over automatically.
Tamweel also has two outstanding sukuk of Dh2.1bn maturing in 2013 and a $235m three-year syndicated loan due in 2011.
For the third quarter of last year, Amlak narrowed its loss to Dh45m from Dh65.6m in the second quarter, while Tamweel reported a net profit of just Dh10m in the third quarter, after a loss of Dh35m in the quarter to June 30.
While prospects for the merger may be improving, lawyers have expressed concerns that the new panel will detract from the function of the court system.
"Establishing committees to deal with the problems of individual companies should be exceptional and rare," Mr al Tamimi says. "It could happen in special circumstances but should not become the norm. The norm should always be the judicial system."
Tom Canning, a partner at the legal firm DLA Piper in Dubai, agrees: "Generally speaking, establishing bespoke dispute resolution committees for specific companies is not something which the international community looks favourably upon.
"It tends to run contrary to certain internationally held principles such as equality, access to the judicial system and transparency."
Tamweel and Amlak say the judicial panel will enable a smoother transition to becoming an enlarged lender.
Sheikh Khaled bin Zayed, the chairman of Tamweel, says: "There are always some cases of differences between customers and the company. Most of the cases are about payments.
"We saw it [the establishment of the panel] as a good development for the restructuring. If things are a mess with the courts it might delay the merger."
Ali Ibrahim Mohammed, the vice chairman of Amlak, says the decree is a step forward in protecting the interests of stakeholders and will further help finalise the merger.
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He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas
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Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
Baftas 2020 winners
BEST FILM
- 1917 - Pippa Harris, Callum McDougall, Sam Mendes, Jayne-Ann Tenggren
- THE IRISHMAN - Robert De Niro, Jane Rosenthal, Martin Scorsese, Emma Tillinger Koskoff
- JOKER - Bradley Cooper, Todd Phillips, Emma Tillinger Koskoff
- ONCE UPON A TIME… IN HOLLYWOOD - David Heyman, Shannon McIntosh, Quentin Tarantino
- PARASITE - Bong Joon-ho, Kwak Sin-ae
DIRECTOR
- 1917 - Sam Mendes
- THE IRISHMAN - Martin Scorsese
- JOKER - Todd Phillips
- ONCE UPON A TIME… IN HOLLYWOOD - Quentin Tarantino
- PARASITE - Bong Joon-ho
OUTSTANDING BRITISH FILM
- 1917 - Sam Mendes, Pippa Harris, Callum McDougall, Jayne-Ann Tenggren, Krysty Wilson-Cairns
- BAIT - Mark Jenkin, Kate Byers, Linn Waite
- FOR SAMA - Waad al-Kateab, Edward Watts
- ROCKETMAN - Dexter Fletcher, Adam Bohling, David Furnish, David Reid, Matthew Vaughn, Lee Hall
- SORRY WE MISSED YOU - Ken Loach, Rebecca O’Brien, Paul Laverty
- THE TWO POPES - Fernando Meirelles, Jonathan Eirich, Dan Lin, Tracey Seaward, Anthony McCarten
FILM NOT IN THE ENGLISH LANGUAGE
- THE FAREWELL - Lulu Wang, Daniele Melia
- FOR SAMA - Waad al-Kateab, Edward Watts
- PAIN AND GLORY - Pedro Almodóvar, Agustín Almodóvar
- PARASITE - Bong Joon-ho
- PORTRAIT OF A LADY ON FIRE - Céline Sciamma, Bénédicte Couvreur
LEADING ACTRESS
- JESSIE BUCKLEY - Wild Rose
- SCARLETT JOHANSSON - Marriage Story
- SAOIRSE RONAN - Little Women
- CHARLIZE THERON - Bombshell
- RENÉE ZELLWEGER - Judy
LEADING ACTOR
- LEONARDO DICAPRIO - Once Upon a Time… In Hollywood
- ADAM DRIVER - Marriage Story
- TARON EGERTON - Rocketman
- JOAQUIN PHOENIX - Joker
- JONATHAN PRYCE - The Two Popes
SUPPORTING ACTOR
- TOM HANKS - A Beautiful Day in the Neighborhood
- ANTHONY HOPKINS - The Two Popes
- AL PACINO - The Irishman
- JOE PESCI - The Irishman
- BRAD PITT - Once Upon a Time… in Hollywood
SUPPORTING ACTRESS
- LAURA DERN - Marriage Story
- SCARLETT JOHANSSON - Jojo Rabbit
- FLORENCE PUGH - Little Women
- MARGOT ROBBIE - Bombshell
- MARGOT ROBBIE - Once Upon a Time… in Hollywood
ADAPTED SCREENPLAY
- THE IRISHMAN - Steven Zaillian
- JOJO RABBIT - Taika Waititi
- JOKER - Todd Phillips, Scott Silver
- LITTLE WOMEN - Greta Gerwig
- THE TWO POPES - Anthony McCarten
ORIGINAL SCREENPLAY
- BOOKSMART - Susanna Fogel, Emily Halpern, Sarah Haskins, Katie Silberman
- KNIVES OUT - Rian Johnson
- MARRIAGE STORY - Noah Baumbach
- ONCE UPON A TIME… IN HOLLYWOOD - Quentin Tarantino
- PARASITE - Han Jin Won, Bong Joon ho
DOCUMENTARY
- AMERICAN FACTORY - Steven Bognar, Julia Reichert
- APOLLO 11 - Todd Douglas Miller
- DIEGO MARADONA - Asif Kapadia
- FOR SAMA - Waad al-Kateab, Edward Watts
- THE GREAT HACK - Karim Amer, Jehane Noujaime
OUTSTANDING DEBUT BY A BRITISH WRITER, DIRECTOR OR PRODUCER
- BAIT - Mark Jenkin (Writer/Director), Kate Byers, Linn Waite (Producers)
- FOR SAMA - Waad al-Kateab (Director/Producer), Edward Watts (Director)
- MAIDEN - Alex Holmes (Director)
- ONLY YOU - Harry Wootliff (Writer/Director)
- RETABLO - Álvaro Delgado-Aparicio (Writer/Director)
ANIMATED FILM
- FROZEN 2 - Chris Buck, Jennifer Lee, Peter Del Vecho
- KLAUS - Sergio Pablos, Jinko Gotoh
- A SHAUN THE SHEEP MOVIE: FARMAGEDDON - Will Becher, Richard Phelan, Paul Kewley
- TOY STORY 4 - Josh Cooley, Mark Nielsen
CASTING
- JOKER - Shayna Markowitz
- MARRIAGE STORY - Douglas Aibel, Francine Maisler
- ONCE UPON A TIME… IN HOLLYWOOD - Victoria Thomas
- THE PERSONAL HISTORY OF DAVID COPPERFIELD - Sarah Crowe
- THE TWO POPES - Nina Gold
EE RISING STAR AWARD (voted for by the public)
- AWKWAFINA
- JACK LOWDEN
- KAITLYN DEVER
- KELVIN HARRISON JR.
- MICHEAL WARD
CINEMATOGRAPHY
- 1917 - Roger Deakins
- THE IRISHMAN - Rodrigo Prieto
- JOKER - Lawrence Sher
- LE MANS ’66 - Phedon Papamichael
- THE LIGHTHOUSE - Jarin Blaschke
EDITING
- THE IRISHMAN - Thelma Schoonmaker
- JOJO RABBIT - Tom Eagles
- JOKER - Jeff Groth
- LE MANS ’66 - Andrew Buckland, Michael McCusker
- ONCE UPON A TIME… IN HOLLYWOOD - Fred Raskin
COSTUME DESIGN
- THE IRISHMAN - Christopher Peterson, Sandy Powell
- JOJO RABBIT - Mayes C. Rubeo
- JUDY - Jany Temime
- LITTLE WOMEN - Jacqueline Durran
- ONCE UPON A TIME… IN HOLLYWOOD - Arianne Phillips
PRODUCTION DESIGN
- 1917 - Dennis Gassner, Lee Sandales
- THE IRISHMAN - Bob Shaw, Regina Graves
- JOJO RABBIT - Ra Vincent, Nora Sopková
- JOKER - Mark Friedberg, Kris Moran
- ONCE UPON A TIME… IN HOLLYWOOD - Barbara Ling, Nancy Haigh
SOUND
- 1917 - Scott Millan, Oliver Tarney, Rachael Tate, Mark Taylor, Stuart Wilson
- JOKER - Tod Maitland, Alan Robert Murray, Tom Ozanich, Dean Zupancic
- LE MANS ’66 - David Giammarco, Paul Massey, Steven A. Morrow, Donald Sylvester
- ROCKETMAN - Matthew Collinge, John Hayes, Mike Prestwood Smith, Danny Sheehan
- STAR WARS: THE RISE OF SKYWALKER - David Acord, Andy Nelson, Christopher Scarabosio, Stuart Wilson, Matthew Wood
ORIGINAL SCORE
- 1917 - Thomas Newman
- JOJO RABBIT - Michael Giacchino
- JOKER - Hildur Guđnadóttir
- LITTLE WOMEN - Alexandre Desplat
- STAR WARS: THE RISE OF SKYWALKER - John Williams
SPECIAL VISUAL EFFECTS
- 1917 - Greg Butler, Guillaume Rocheron, Dominic Tuohy
- AVENGERS: ENDGAME - Dan Deleeuw, Dan Sudick
- THE IRISHMAN - Leandro Estebecorena, Stephane Grabli, Pablo Helman
- THE LION KING - Andrew R. Jones, Robert Legato, Elliot Newman, Adam Valdez
- STAR WARS: THE RISE OF SKYWALKER - Roger Guyett, Paul Kavanagh, Neal Scanlan, Dominic Tuohy
MAKE UP & HAIR
- 1917 - Naomi Donne
- BOMBSHELL - Vivian Baker, Kazu Hiro, Anne Morgan
- JOKER - Kay Georgiou, Nicki Ledermann
- JUDY - Jeremy Woodhead
- ROCKETMAN - Lizzie Yianni Georgiou
BRITISH SHORT FILM
- AZAAR - Myriam Raja, Nathanael Baring
- GOLDFISH - Hector Dockrill, Harri Kamalanathan, Benedict Turnbull, Laura Dockrill
- KAMALI - Sasha Rainbow, Rosalind Croad
- LEARNING TO SKATEBOARD IN A WARZONE (IF YOU’RE A GIRL) - Carol Dysinger, Elena Andreicheva
- THE TRAP - Lena Headey, Anthony Fitzgerald
BRITISH SHORT ANIMATION
- GRANDAD WAS A ROMANTIC - Maryam Mohajer
- IN HER BOOTS - Kathrin Steinbacher
- THE MAGIC BOAT - Naaman Azh
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
MORE ON IRAN'S PROXY WARS
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Bournemouth 0
Manchester United 2
Smalling (28'), Lukaku (70')
AT%20A%20GLANCE
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
UAE currency: the story behind the money in your pockets
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Off-roading in the UAE: How to checklist
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
The%20Roundup
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Book%20Details
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