Business | Property

Tamweel to provide 80% finance for Al Tamimi towers

Real estate finance company Tamweel on Saturday announced a financing agreement with Al Tamimi Investments, a Dubai-based diversified investment company that is developing commercial projects in MotorCity.

  • Staff Report
  • Published: 23:37 May 10, 2008
  • Gulf News

Dubai: Real estate finance company Tamweel on Saturday announced a financing agreement with Al Tamimi Investments, a Dubai-based diversified investment company that is developing commercial projects in MotorCity.

Tamweel will provide up to 80 per cent finance for Al Tamimi's commercial towers - Daytona House and Detroit House launched in MotorCity.

Located in the heart of MotorCity, the two towers are scheduled for completion in 2009, and will be managed under Tamweel's Escrow Management Services.

"As the exclusive financier of the commercial towers launched in MotorCity, Tamweel is pleased to provide innovative real estate financing solutions to the customers of Al Tamimi.

Projects such as MotorCity involve a diverse mix of business, residential and sporting facilities, and require innovative financing solutions like those offered by Tamweel," said Wasim Saifi, chief executive officer of Tamweel.

To date, Tamweel has provided more than Dh11 billion in financing and has been involved in the development of some of the most prominent projects in the UAE.

"The demand for commercial properties in Dubai will remain high for the next three years. We estimate a demand of over six million square feet of commercial space every year for the next three years, and are geared to capitalise on this market opportunity," Saifi said.

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