The UAE's largest mortgage finance firm Tamweel has signed an agreement with Al Tamimi Investments to provide finance to customers for the latter's commercial towers in MotorCity.
Tamweel will provide up to 80 per cent finance for Al Tamimi's Daytona House and Detroit House projects. The two towers are scheduled for completion in 2009, and will be managed under Tamweel's Escrow Management Services.
Daytona House and Detroit House are highly suitable for companies in industries as diverse as automotive, hospitality, engineering, petrochemicals and IT communications. Both the buildings will provide companies and investors the perfect opportunity to shift into top gear in the most exciting development of Dubai.
MotorCity development houses a host of facilities such as residential complexes, shopping malls, entertainment as well as dining and retail outlets.
Wasim Saifi, CEO of Tamweel, said: "As the exclusive financier of the commercial towers launched in MotorCity, Tamweel is pleased to provide innovative real estate financing solutions to the customers of Al Tamimi. Projects such as MotorCity involve a diverse mix of business, residential and sporting facilities and require innovative financing solutions."
He added: "The demand for commercial properties in Dubai will remain high for the next three years. We estimate a demand of more than six million square foot of commercial space every year for the next three years, and are geared to capitalise on this market opportunity."
To date, Tamweel has provided about Dh11 billion in financing and has been involved in the development of some of the most prominent projects in the UAE.
Essam Al Tamimi, executive chairman, Al Tamimi Investments, said: "Based on Tamweel's credentials and their ability to provide the financing solutions, we look forward to working with them in offering the best deals for customers, and collaborating on many such exciting projects in the future."
Follow Emirates 24|7 on Google News.
