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Tamweel receives mortgage license from Egypt

Dubai, February 14, 2008

Tamweel, the largest provider of real estate finance in the UAE, has received a mortgage finance license from Egypt’s Mortgage Finance Authority (MFA) to launch operations in the Arab world’s most populous nation.

A fully-owned subsidiary of Tamweel, the Egyptian company is expected to begin operations in the second quarter of this year with an authorised capital of 500 million Egyptian pounds (EGP), or Dh333.4 million ($90.78 million_, and a paid-up capital of EGP100 million, or Dh66.7 million.

The company has registered its name, logo and trade license under the name “Tamweel Egypt for Real Estate Finance EJSC” and will operate in Egypt under the same name, said an official spokesman.

“Based on our enormous success in the UAE, where the company has established a clear leadership position since its launch in 2004, we are eager to implement our regional leadership strategy,” said CEO, Tamweel, Wasim Saifi.

“Egypt, with a population in excess of 80 million and an economy that expanded by more than seven per cent last year alone, is the ideal platform from which to grow our business internationally. We are convinced that by offering a broad range of Sharia-compliant real estate finance solutions to Egypt-based investors and homeowners, Tamweel will be able to replicate the success it has achieved in the UAE in this fast-growing North African nation. We are very grateful to the MFA for granting us our first license outside the UAE,” he added.

Tamweel has already signed an agreement with Al Oula in Saudi Arabia, where the company expects to open a subsidiary later this year. By 2011, Tamweel anticipates international operations contributing 20 to 30 per cent of total revenues.

Tamweel recently announced record profits of Dh451 million for 2007, the third consecutive year that it has registered triple-digit growth. – TradeArabia News Service




Tags: Tamweel | Al Oula | MFA |

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