Tamweel, Al Tamimi in MotorCity tower deal
Dubai, May 10, 2008
Tamweel, the UAE’s largest provider of real estate finance, has announced a landmark agreement with Al Tamimi Investments, a Dubai-based diversified investment company that is developing commercial projects in MotorCity.
As per the terms of the agreement, Tamweel will provide up to 80 per cent finance for Al Tamimi’s commercial towers - Daytona House and Detroit House launched in MotorCity.
Strategically located in the heart of MotorCity, the two towers are scheduled for completion in 2009, and will be managed under Tamweel’s Escrow Management Services.
MotorCity offers a rich diversity of quality living and working environments all within one uniquely designed development with a host of facilities such as residential complexes, shopping malls, entertainment as well as dining and retail outlets.
Daytona House and Detroit House are perfectly placed for companies in industries as diverse as automotive, hospitality, engineering, petrochemicals and IT communications. Both the buildings will provide companies and investors the perfect opportunity to shift into top gear in the most exciting development of Dubai.
Commenting on the new partnership agreement, Wasim Saifi, chief executive officer, Tamweel, said: “As the exclusive financier of the commercial towers launched in MotorCity, Tamweel is pleased to provide innovative real estate financing solutions to the customers of Al Tamimi.'
Projects such as MotorCity involve a diverse mix of business, residential and sporting facilities, and require innovative financing solutions like those offered by Tamweel, he noted.
'We are confident that our solid track record, including industry-first products, strong local presence, customised financing options and a wealth of market expertise, will prove immensely beneficial to buyers of Daytona and Detroit House,' Saifi added.
He pointed out that the demand for commercial properties in Dubai would remain high for the next three years.
'We estimate a demand of over six million sq. ft of commercial space every year for the next three years, and are geared to capitalise on this market opportunity,” Saidi said.
To date, Tamweel has provided over Dh11 billion in financing and has been involved in the development of some of the most prominent projects in the UAE.
Essam Al Tamimi, executive chairman, Al Tamimi Investments, said 'Based on Tamweel’s credentials and their ability to provide the right mix of financing solutions, we look forward to working with Tamweel in offering the best deals for our customers, and collaborating on many such exciting projects in the future.'-TradeArabia News Service