CAIRO: The Mortgage Finance Authority (MFA) granted Tamweel a license to launch operations in Egypt soon, according to a press statement.
At a special handover occasion held Tuesday, Tamweel’s Chief Executive Officer Wasim Saifi was presented with the company’s mortgage finance license by the MFA Chairman Osama Saleh, read the statement.
Tamweel, a leading provider of real estate finance in the UAE, is embarking on a regional expansion strategy with a fully-owned subsidiary expected to begin operations in Egypt in the second quarter of this year.
The company will have an authorized capital of LE 500 million (AED 333.4 million) and an issued capital of LE 100 million (AED 66.7 million), said the firm.
“This is a landmark moment in the history of Tamweel, and we are extremely grateful to the Mortgage Finance Authority . for facilitating our entry into this thriving market, Saifi said.
“As the UAE’s leading provider of a broad range of innovative real estate finance products and services, we will demonstrate our commitment to Egypt by introducing both existing solutions and new ones tailored to the particular needs of the Egyptian market.
“There is currently a high level of pent-up demand for real estate financing in this nation with a population in excess of 75 million and an economy that expanded by more than 7 percent last year alone. By offering our industry-leading products and services to investors and homeowners here in Egypt, Tamweel will facilitate the expansion of the property market and, by the extension, the national economy as a whole.
For his part, Saleh said, “The development of the mortgage industry here has made great strides since the inception of the Mortgage Law of 2001 and as part of a larger package of government-led economic reforms. We are convinced that Tamweel will make a significant contribution to the further development of this high-growth industry through the company’s commitment to transparency, efficiency and innovation.
Under the umbrella of its international registrations, Tamweel’s fully-owned subsidiary has initiated local registration of its corporate name and logo in Egypt under the name “Tamweel Egypt for Real Estate Finance SAE and will operate in Egypt under the same name, the firm said.
Recently, Tamweel signed an agreement with Al Oula in Saudi Arabia, where the company expects to open a subsidiary later this year.
The company reported record profits of AED 451 million for 2007, the third consecutive year that it has tripled its profits. By 2011, Tamweel says it anticipates international operations contributing 20-30 percent of total revenues.
Tamweel was established in 2004, and is the largest provider of real estate finance in the UAE by market share and asset size. It was listed on the Dubai Financial Market in July 2006.
