Tamweel in deal to finance MotorCity
Dubai, April 12, 2008
UAE’s real estate finance provider Tamweel has signed an agreement with Union Properties to finance MotorCity.
The deal is to provide financing solutions for two residential projects at MotorCity: Green Community MotorCity and Uptown MotorCity, the company said in a statement.
Tamweel’s financing solutions will add value to the 38-million square foot automobile and motorsport themed-development in Dubailand, it added.
MotorCity is a mixed use property project comprising residential, commercial and leisure components and attractions such as Dubai Autodrome and F1-X Dubai, a Formula One themed leisure destination, the company said.
“As the lead financier of this master project, we are pleased to provide innovative financing solutions to Union Properties for MotorCity. Undertakings of such magnitude involving a diverse mix of business, residential and sporting facilities require innovative financing solutions, which we believe is rightly reflected in our strategic partnership with Union Properties,” said Tamweel Chief Executive Officer Wasim Saifi.
“Tamweel’s solid track record, including industry-first products, strong local presence, customised financing options and a wealth of market expertise, will ensure Union Properties achieves its vision of providing ‘a city within a city’ to the people of Dubai.
“Structuring our financial solutions innovatively is a strategic priority for Tamweel and one that is well-acknowledged by the industry.
“Earlier this year, we were honoured to receive the Euromoney Award and Islamic Finance Award for our Islamic asset-backed securitisation deal and the Banker Middle East Award for innovative excellence in Islamic home finance category.
“These achievements underline our pioneering approach wherein, with every new initiative, Tamweel reaffirms its leadership position with product innovation to meet the dynamic needs of consumers.”
To date, Tamweel has provided over Dh9 billion ($2.45bn) in financing and has been involved in the development of some of the most prominent projects in the UAE.
“We are pleased to partner with a market leader such as Tamweel in financing the MotorCity project. Based on Tamweel’s credentials and their ability to provide the right mix of financing solutions, we look forward to working with Tamweel in building another iconic development for the emirate of Dubai,” said Union Properties Chief Executive Officer Simon E. Azzam.
“Motorcity development is a great opportunity for investors and end users alike. Both Tamweel and Union Properties are in a phase of rapid expansion, and we look forward to collaborate on more exciting projects in the future,” he added. – TradeArabia News Service
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