Tamweel PJSC recently began operations in Egypt during a special ceremony held in Cairo. Tamweel is the largest real estate financer in the UAE and seeks to provide Sharia-compliant financing for those who want and need to purchase property. The announcement was attended by senior government officials including Osama Saleh, Chairman, Mortgage Finance Authority of Egypt.
The company will operate under Tamweel’s International Division as Tamweel Emirates, a wholly owned subsidiary of Tamweel PJSC. The company just announced record profits of AED 387.3 million for the first half of 2008.
“We are extremely pleased to announce the launch of our operations in Egypt,” said Ahmad Abouzeid, Chief Executive Officer 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.”
He added: “We will introduce our award-winning Sharia-compliant real estate finance solutions as well as new ones designed to meet the particular needs of the Egyptian market. We hope that our unmatched service and wide-ranging product portfolio will allow many to realize their dream of home-ownership.”
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