Dubai: Following the final regulatory approvals of the UAE Central Bank and the UAE Ministry of Economy, Shaikh Tahnoun Bin Zayed Al Nahyan has inaugurated the head office and main branch of Reem Finance, a new financing company in Abu Dhabi with a paid up capital of Dh400 million.
The board of directors of Reem Finance, Khalil Al Fouladi (chairman), Hafsa Al Ulama (deputy chairman), Ahmad Hareb Al Falahi, Jasem Al Seddiqi and Huda Abdullah, together with Nicholas Lehmann, CEO of Reem Finance, accompanied Shaikh Tahnoun on a tour of the head office to view the various sections of the company.
Reem Finance will initially commence operations with consumer finance, asset finance, corporate financing, commercial real estate, advisory and structuring then extend its services to include Islamic Financing.
"Our vision is to become a significant player in both the UAE and the region; we see great potential for a focused financing business to prosper, especially with the market's rising demand. Our future offerings will include end user mortgages where we may support or complement parallel bank finance or where we are a partner in a property development," said CEO Nicholas Lehmann.
Phenomenal growth
Lehmann explained that the real estate sector in the UAE, particularly Dubai, has seen phenomenal growth over the last few years and was broadening in terms of international appeal and demand much earlier than observers expected.
Recent studies indicate that Abu Dhabi's share of the UAE mortgage market will grow steadily, reaching 40 per cent within five years.
Reem Finance will over time develop relationships with all the major developers which operate in the UAE property markets but will offer particular expertise and inside knowledge of the Abu Dhabi property market.
