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Tamweel meet okays Dh5.1b sukuk issue

Tamweel's Extraordinary General Meeting (EGM) held on Monday approved the issuance of Dh5.1 billion ($1.39 billion) in sukuk.

  • Staff Reporter
  • Published: 20:11 April 7, 2008
  • Gulf News

Dubai: Tamweel's Extraordinary General Meeting (EGM) held pn Monday approved the issuance of Dh5.1 billion ($1.39 billion) in sukuk.

The amount includes Dh1.1 billion of convertible sukuk and Dh4 billion of non-convertible sukuk, which includes Dh1.83 billion of non-convertible sukuk.

This funding will be used to support the expansion of its business in the UAE and to fund its ongoing international expansion. In February, Tamweel received its mortgage finance licence from the Egyptian Mortgage Finance Authority. The company expects to begin operations in the country during the second quarter of this year.

Expansion

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

During the EGM, the shareholders also approved the amendment of Tamweel's articles of association to permit the company to be structured as a holding company, and its activities to be operated by several operating companies within its overall ownership.

Tamweel shall obtain the required approvals for this conversion from all relevant regulatory authorities, and will then commence the restructuring process.

"During this period of unprecedented expansion, this new equity structure will support our ongoing organic growth," said Shaikh Khaled Bin Zayed Bin Saqr Al Nahyan, chairman of Tamweel.

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