Following the recent announcement on a significant increase in the equity stake in the company by Dubai Islamic Bank, Tamweel is now well positioned to support the country's real estate sector once again.
Beginning of the month of the scorpion, precisely on November 1, 2010, Tamweel will offer up to 80% financing of the current value of ready residential properties in Dubai and Abu Dhabi. Finance is available for salaried and self-employed residents only who meet the required eligibility criteria. So still nothing for non-residents, but a step in the right direction.
"Tamweel is back in business," said Varun Sood, Chief Executive Officer, Home Finance Division. "While the past two years have been extremely challenging for the company - during a period of unprecedented turmoil in the global real estate and financial services sectors - we have persevered. All of us at Tamweel are grateful for the support of our stakeholders over that period.
"With a renewed focus on prudence and conservatism, we are focused on booking a high-quality portfolio of select customers and properties," he said. "Today, our mission is to contribute to the stability and growth of the UAE real estate market, and to ensure that individuals can avail of the same high standard of products and services that made Tamweel a benchmark for the home finance industry."
so great news from Sheik MO and the boys who facilitated the return of Tamweel to the market....... heita!!!!
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