On Thursday, the Embassy in Abu Dhabi too had announced several measures
In its rating, Tamweel has been classified by Moody’s as a Government-related issuer, reflecting the shareholding of the Government of Dubai, its presence on the Board of the company through its institutionalised ownership and Tamweel’s critical importance to the burgeoning real estate finance sector in the country.
Moody’s, in its second annual rating of Tamweel, said the A3/P2 rating reflects the company’s growing franchise and dominant position in the UAE’s rapidly growing Islamic finance market.
Moody’s added that the rating also takes into account “Tamweel’s strong financial fundamentals - including improving profitability, sound capitalisation, a more balanced funding mix thanks to wider access to term financing, and impeccable asset quality - which are supported by its solid ownership and capable and experienced management.”
Commenting on the rating, Shaikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman of Tamweel, said: “The reaffirmation of A3/P2 rating from Moody’s is a reflection of the industry’s confidence in Tamweel’s strong business fundamentals and market leadership status. This rating will strengthen the company’s regional and international expansion plans, allowing us to continue to provide superior value to investors, Sukuk holders and clients.
“Further, this rating accurately reflects Tamweel’s valuable brand equity and status as a Government-related issuer, with very strong support from the Government of Dubai, further underpinning our long-term vision of growth. With a balanced funding mix and sound capitalisation, we will continue to serve as a pillar of the fiscal expansion and diversification of the UAE, contributing to the stability and growth of the real estate sector and the domestic economy as a whole.”
In its rating of Tamweel, Moody’s took special note of “the capable and experienced management team” that is leading the company forward.
On Thursday, the Embassy in Abu Dhabi too had announced several measures
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