Tamweel sets up unit to tap Egyptian market

Tamweel, an Islamic finance provider, said yesterday that it has started operations in Egypt.

Tamweel Emirates will be a fully owned subsidiary of Tamweel and operate under its international division that oversees its operations and expansions.

The new company has been set up with an authorised capital of Dh333.4 million and a paid-up capital of Dh66.7m.

"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," said Ahmad Abouzeid, Chief Executive of Tamweel Emirates.

"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," said Abouzeid.

"We will introduce Shariah-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," he added.

Sanjay Sharma, Chief Executive of Tamweel International, said: "Tamweel has witnessed rapid growth in its home market, and enjoys leadership position in the UAE. We are keen to implement our regional strategy and bring our expertise to the burgeoning real estate finance market in Egypt.