Tamweel, the UAE-based real estate financier, yesterday announced an agreement with property developer Union Properties to provide financing solutions for two residential projects at Dubai’s MotorCity: Green Community and Uptown.
MotorCity, located in Dubailand, is a 38-million square foot mixed-use property project comprising residential, commercial and leisure components and attractions such as the Dubai Autodrome and F1-X Dubai, a Formula One themed leisure destination.
Chief Executive Officer Wasim Saifi said: “As the lead financier of this project, we are pleased to provide innovative financing solutions to Union Properties for MotorCity. Structuring financial solutions in an innovative way is a priority for Tamweel and is acknowledged by the industry.
To date, Tamweel has provided about Dh9bn in financing to various projects in the UAE. Union Properties’ CEO Simon E Azzam said: “We are pleased to partner with Tamweel in financing the MotorCity project.
“Both Tamweel and Union Properties are in a phase of rapid expansion, and we look forward to collaborating on more projects in the future.”
Tamweel, a non-banking financial institution that is rated A by Fitch Ratings and A3 by Moody’s, is the largest provider of real estate finance in the UAE by market share and asset size. Tamweel was established in March 2004 and became a public joint stock company in June 2006. It was listed on the Dubai Financial Market in July 2006.
Tamweel is a provider of wide-ranging customer-service solutions and home finance products, working with 300 partners across the UAE.
The company, which has expanded into Saudi Arabia, Egypt and other countries in the Mena region, has branches in Dubai, Sharjah and Abu Dhabi, Saudi Arabia and Egypt.
Tamweel signs agreement with Union Properties