Tamweel, the largest provider of real estate finance in the United Arab Emirates, has launched a 400 million dirham ($109 million, €70 million) real estate fund.
Tamweel Properties & Investments will be a fully owned subsidiary that will focus on real estate investment and also offer brokerage services. Abdulla Nasser Abdulla, the current chief commercial officer of Tamweel, has been appointed chief executive officer of the new company. He will also continue to serve in his role at the main company. Before joining Tamweel, Abdulla was with Dubai-based Emirates Airline, where he served as vice president for commercial sales.
“The high-growth property sector in the UAE continues to serve as a pillar of the national economy,” said Abdulla in a statement. “Standing at over AED55.84 billion at the end of 2007, the real estate sector here is witnessing unprecedented expansion.”
Tamweel has made investments for the acquisition and refinance of land in the UAE in the past. In 2007 the firm signed an agreement with Bonyan and Sama Dubai for the purchase of AED1.93 billion of land in the Al Jadaf area of Dubai. At the time, this acquisition, of a total 135 plots, was the largest in the history of the Dubai Land Department.
Tamweel’s main business is Islamic financing and investing.