Dubai's Tamweel sets up Dh400m property firm

Dubai: Dubai-based Islamic mortgage financier Tamweel Properties said on Sunday it has set up a new Dh400 million real estate investment firm to tap into the UAE's construction boom.

Tamweel Property & Investments already has assets of 4 billion dirhams under its management, the company said in a statement on the bourse website.

"Given the significant investment opportunities in the UAE's thriving property market, the establishment of Tamweel Properties & Investments represents a natural next step in the ongoing, organic evolution of this company," said Chairman Shaikh Khaled Bin Zayed Al Nahyan.