Dubai: Dubai's ruler is taking steps to protect the interests of creditors of troubled mortgage lenders Amlak AMLK.DU and Tamweel TAML.DU.

The ruler ordered on Wednesday the creation of a judicial committee that will guarantee full protection to creditors and companies related to the lenders, a statement from his media office said.

The committee "will be the only judicial body ... with the right to review all requests and legal claims related to settling the financial issues of the two companies," the statement said.

It gave no more details about the panel or why it has been set up now.

Amlak and Tamweel are expected to be merged in the first quarter of 2010, Tamweel's chairman Sheikh Khalad bin Zayed al-Nahyan said in November.

Reuters