Business | Banking
Tamweel signs agreement with Union Properties
Islamic mortgage lender Tamweel has provided over Dh9 billion in financing to date, the company said in an e-mailed statement on Saturday.
- Staff Report
- Published: 22:13 April 12, 2008
Dubai: Islamic mortgage lender Tamweel has provided over Dh9 billion in financing to date, the company said in an e-mailed statement on Saturday.
The company yesterday said it has signed an agreement with Union Properties, one of the UAE's leading property investment developers, to provide financing solutions for two residential projects at MotorCity - 'Green Community MotorCity' and 'Uptown MotorCity'.
"Tamweel's financing solutions will add value to the 38-million square foot automobile and motorsport themed-development in Dubailand," the statement said.
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.
Wasim Saifi, chief executive of Tamweel, said, "We are pleased to provide innovative financing solutions 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."
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