Tamweel DFM delisting approved

Tamweel said its shareholders had  approved the company's delisting from the Dubai stock exchange, paving the way for its acquisition by Dubai Islamic Bank (DIB).

The shareholders' approval followed the conclusion of Tamweel's Extraordinary General Meeting held on July 7, 2013.

The delisting follows the completion of the requirement, whereby majority of Tamweel shareholders accepted Dubai Islamic Bank's tender offer to acquire the remaining shares of Tamweel, the company said in a press release today.

Abdulla Al Hamli, CEO of DIB, said: "We thank the shareholders of DIB and Tamweel for their extraordinary support in helping us expedite the acquisition process. The acquisition of Tamweel will enable DIB to take advantage of the opportunities offered by the recovery and growth of the UAE real estate sector."

Dr Adnan Chilwan, Deputy Chief Executive Officer at DIB, said: "The UAE real estate market is poised for strong growth over the coming years, with the first quarter of 2013 seeing nearly 50% growth in value of transactions in Dubai when compared to same period last year.
With rents rising 4% quarter on quarter, more and more end users are leaning towards owning properties rather than continuing to rent. Hence, this acquisition leaves our business well placed to capitalise on the opportunities the home finance sector presents."

Chilwan added: "The residential market is expected to continue its growth momentum as we are seeing a number of companies gradually expanding their business operations, leading to job creation and headcount increase, on the back of positive domestic market conditions."

Following the approval from shareholders, the company will delist the shares from the market after it completes all approval formalities from respective authorities.

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