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Tamweel commences operations in Egypt

DUBAI — Tamweel PJSC, announced on Monday the commencement of its Egypt operations during a special ceremony held in Cairo. It was attended by senior government officials including Osama Saleh, Chairman, Mortgage Finance Authority of Egypt.

Operating under Tamweel International division, the Egyptian company, Tamweel Emirates is a fully-owned subsidiary of Tamweel PJSC. It is set up with an authorised capital of 500 million Egyptian pounds (EGP), or Dh333.4 million, and a paid-up capital of EGP 100 million, or Dh66.7 million.

Tamweel International division oversees Tamweel PJSC's international operations and expansions. "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 realise their dream of home-ownership."

Sanjay Sharma, Chief Executive Officer of Tamweel International, said: "Tamweel has witnessed rapid growth in its home market, and enjoys leadership position in the UAE. We are now keen to implement our regional strategy and bring our expertise to the burgeoning real estate finance market in Egypt. We are confident that our commitment to the Egyptian market will help us in replicating this success."

Tamweel has also signed an agreement with Al Oula Real Estate Development in Saudi Arabia, where the company expects to open a subsidiary later this year. By 2011, Tamweel anticipates international operations contributing 20-30 per cent of total revenues.

Tamweel recently announced record profits Dh 387.3 million in the first half of 2008, consistently registering triple-digit growth.