Tamweel begins Egypt operations

Dubai: Dubai-based mortgage leader Tamweel PJSC on Monday said it has commenced Egypt operations during a special ceremony held in Cairo.

It was attended by senior government officials including Osama Saleh, chairman of Egypt's Mortgage Finance Authority.

Operating under Tam-weel International division, the Egyptian company, Tamweel Emirates is a fully-owned subsidiary of Tamweel PJSC. It is set up with an authorised capital of 500 million Egyptian pounds, or Dh333.4 million, and a paid-up capital of Dh66.7 million.

Tamweel International division oversees Tamweel PJSC's international operations and expansions. Ahmad Abu Zeid, chief executive of Tamweel Emirates.

"As the Arab world's most populous nation, with the economy growing at around seven per cent annually, there is tremendous potential for real estate financing in Egypt. This demand has been further accelerated by the introduction of Mortgage Law of 2001 and several government-led economic reforms.

"Tamweel Emirates will forge strong relationships in Egypt and work with the government and leading developers to ensure that we are able to make a lasting contribution to Egypt's economic growth and diversification."

Tamweel has also signed an agreement with Al Oula Real Estate Development in Saudi Arabia, where the company expects to open a subsidiary later this year.

By 2011, Tamweel anticipates international operations contributing 20-30 per cent of total revenues.

Sanjay Sharma, chief executive Officer of Tamweel International, said, "Tamweel has witnessed rapid growth in its home market, and enjoys leadership position in the UAE. We are now keen to implement our regional strategy and bring our expertise to the burgeoning real estate fin-ance market in Egypt."

Tamweel made record profits Dh387.3 million in the first half of 2008.