Al Rajhi Group gets 50pc stake in Tameer

DUBAI - Saudi Arabia-based Al Rajhi Group yesterday announced the acquisition of 50 per cent stake in UAE based Tameer Property.

By A Staff Reporter

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Published: Thu 28 Apr 2005, 10:18 AM

Last updated: Fri 21 Oct 2022, 11:00 AM

Tamer Property has more than Dh4 billion worth projects under implementation in UAE. Both companies have not disclosed the amount of the deal, but it is estimated at a few hundred million dirhams.

Tameer has a number of large projects across UAE, including the Princess Tower in Dubai. With 100 floors, the Princess Tower, located Dubai Marina is among the tallest residential towers in the region. In addition, Tameer also developed the Al Amira Tower in Sharjah. The company's portfolio also includes the Emirates Industrial Area, which encompasses an area of 80 million feet in Umm Al Quwain.

Commenting on the acquisition in the UAE, Ahmed bin Sulayman Al Rajhi, the CEO of Al Rajhi Group, said: “We have been keenly observing the latest developments and progress within the property sector, especially in the UAE."

"After a lot of research and studies, we decided that the most suitable way to participate in the ongoing growth is to partner with a successful, dynamic property organisation. Tameer has been rated as the fastest growing property company in the Gulf and met all our criteria,” he added.

By taking 50 per cent stake in Tameer Property, Al Rajhi Group has made a firm commitment to become a major player in the UAE's booming real estate sector.

Speaking about the decision to sell stakes in the company, Omar Ayesh, CEO of Tameer Property said: “In the past, we have been approached by numerous banks and trading organisations to purchase shares from Tameer, but we chose Al Rajhi Group. With diversified fields of activities including industrial, trading, and finance estimated at tens of billions of dirhams, Al Rajhi has more than 15,000 employees. The firm's rich experience and distinguished name will definitely add value to Tameer through consolidating our achievements.”

Tameer Property is a well established company in the region's booming property sector. Currently, the company has 15 projects and it intends to add more diversified real estate projects to its portfolio.

“Our alliance with Al Rajhi will be a crucial advantage in working towards our common goals and objectives, which will be achieved in the near future,” Ayesh said.

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