Business | Property

Tamweel sets up property subsidiary

Islamic mortgage lender Tamweel on Sunday said it has established Tamweel Properties and Investments, a Dh400 million fully owned subsidiary that will focus on real estate investment and also offer brokerage services.

  • Staff Report
  • Published: 23:35 June 1, 2008
  • Gulf News

Dubai: Islamic mortgage lender Tamweel on Sunday said it has established Tamweel Properties and Investments, a Dh400 million fully owned subsidiary that will focus on real estate investment and also offer brokerage services.

This announcement follows the company's recent extraordinary general meeting, during which the assembly 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 member companies within its overall ownership.

Wasim Saifi will serve as the group chief executive of Tamweel Holdings.

"Tamweel Properties and Investments has been established with a paid-up capital of Dh400 million and assets under management in excess of Dh4 billion, a statement said.

Abdullah Nasser Abdullah has been appointed chief executive of the new company, and will also continue to serve in his current role as chief commercial officer of Tamweel.

"Given the significant investment opportunities in the UAE's thriving property market, the establishment of Tamweel Properties and Investments represents a natural next step in the ongoing, organic evolution of this innovative company," said Shaikh Khalid bin Zayed bin Saqr Al Nahyan, chairman of Tamweel.

"Setting up this dedicated subsidiary will usher in a new era of growth for the company as we actively participate in the overall development of the country's property sector, while remaining focused on maintaining market leadership in real estate finance.

Abdullah joined Tam-weel following more than a decade of distinguished service at Dubai-based Emirates airline, where he served as vice-president of commercial sales for the UAE.

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