Saad Abdul Razak, who has been in detention since October, has been dismissed from Tamweel's board of directors, the Islamic lender said yesterday.
Mr Abdul Razak, who is also a former chief executive of Dubai Islamic Bank and managing director of the Investment Corporation of Dubai, was arrested in connection with an inquiry into alleged corruption. He is still in police custody, although no charges have been brought against him.
The decision was taken at the company's board meeting on Jan 6, and formally announced to the Dubai Financial Market in a statement yesterday.
Tamweel declined to comment further.
A spokesman referred questions on the state of the merger of Tamweel with Amlak, the nation's largest home lender, to the Ministry of Finance, which is overseeing the process.
Mohammed Gargash, who is in charge of disclosure at the Dubai Financial Market, said Tamweel might be permitted to file such decisions late.
In November, the Government announced its intention to roll the two home-financing entities into two federally funded banks, Real Estate Bank and Emirates Industrial Bank. The four entities would be called Emirates Development Bank, and be the largest mortgage provider in the country. Robert Thursfield, the director of financial institutions at Fitch, the ratings agency, said the Ministry of Finance had assumed control of the merger process. "The Ministry of Finance is working out what to do, and Amlak and Tamweel will be told."
The Government has yet to make public its detailed plans for the merger, including the question of whether the companies would remain two entities or be fully merged.
Amlak said it would hold its own board meeting on Saturday, where it would discuss "the financial statement ... staff redundancies, merger proceedings and real estate investments evaluation".
A government body is evaluating the assets held by the two firms. By the end of next month it will give its final assessment of the two lenders' share prices and the framework to decide shareholders' rights. Last month the al-Ittihad newspaper quoted Younis al Khouri, a senior official at the Ministry of Finance, as saying that the merger would be decided by the two companies' shareholders at general meetings.
It is unclear whether Mr Abdul Razak continues to hold any of his other board positions.
Mr Abdul Razak was one of several high-profile Dubai businessmen to be held in an investigation into alleged fraud in Dubai's property and financial markets. Several members of Tamweel's management were also arrested, including Adel al Shirawi, the former chief executive, the company's deputy chief executive, Abdullah Nasser Abdullah, and Feras Kalthoum, the former head of finance. None of those detained has been formally charged.
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More on Quran memorisation:
Mohammed bin Zayed Majlis
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
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi
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
What you as a drone operator need to know
A permit and licence is required to fly a drone legally in Dubai.
Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.
It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.
“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.
“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.
“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.
“You cannot fly a drone without registration under any circumstances.”
Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.
The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.
“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.
“Operators must undergo proper training and certification to ensure safety and compliance.
“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”
A MINECRAFT MOVIE
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Starring: Jack Black, Jennifer Coolidge, Jason Momoa
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
