OFFPLAN NEWS

(18.06.2007 )
Dubai properties Dubai-based home financier declares financial results for Q1 of 2007

Tamweel PJSC, the Dubai-based largest home financier for off plan property in Dubai, has declared its financial results for the first quarter of 2007. Sheikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman, Tamweel, has announced that the company’s net profit in the first quarter of 2007 reached Dh50.47 million, an increase of 395% compared to Dh10.19 million in the first quarter of 2006. Islamic financing and investing assets in the first quarter of 2007 rose to Dh3 billion, an increase of 94% compared to Dh1.55 billion in the first quarter of 2006.

Sheikh Khaled bin Zayed bin Saqer Al-Nehayan said, “I am extremely pleased to announce that Tamweel has begun this year with such robust results. Our strong performance in the first quarter of 2007 reflects both the overall strength of the UAE real estate market and the increasing demand for the innovative home finance solutions offered by Tamweel”.

Income from Islamic financing and investing assets in the first quarter of 2007 rose to Dh45.84 million, an increase of 90% compared to Dh24.1 million in the first quarter of 2006. Tamweel aims to become the regional home finance leader with branches presently in Dubai, Sharjah and Abu Dhabi. The company plans to establish its presence in new real estate markets including Egypt and Saudi Arabia in the near future.

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