Dubai-based Tamweel, the largest provider of real estate finance in the UAE, yesterday received the license from Egypt’s Mortgage Finance Authority (MFA) to start operation in the Arab world’s most populous nation.
Tamweel is expanding its geographic reach outside the borders of its home market as it implements its regional leadership strategy. The Egyptian firm, a fully-owned subsidiary of Tamweel, is expected to begin operations in the second quarter of this year with an authorized capital of £500 million (Dh334.55m) and an issued capital of £100m.
Tamweel Chief Executive Officer Wasim Saifi received the licence from Osama Saleh, Chairman of MFA.
“This is a landmark moment in the history of Tamweel, and we are extremely grateful to the MFA and, in particular, Osama Saleh, for facilitating our entry into this thriving market,” Saifi said. “As the UAE’s leading provider of a broad range of innovative real estate finance products and services, we will demonstrate our commitment to Egypt by introducing both existing solutions and new ones tailored to the particular needs of Egypt’s market.
“There is a high level of pent-up demand for real estate financing in this nation of 75m and an economy that expanded by seven per cent last year. By offering our industry-leading products and services to investors and homeowners, Tamweel will facilitate the expansion of the property market and the national economy.
Saleh said: “We are convinced that Tamweel will make a significant contribution to the further development of this high-growth industry in Egypt.” Established in March 2004, Tamweel provides a whole range of Sharia-compliant products backed by unparalleled customer service and innovative home finance solutions.
The company has financed property worth over Dirham 7 billion. Moreover, Tamweel has recently moved, in July 2006, to a PJSC structure with overwhelming demand subscriptions exceeding the required amount by 485 times. Tamweel has over 235 partners and focused on becoming the leader in home financing regionally. Tamweel currently has branches in Dubai, Sharjah and Abu Dhabi.