CAIRO: Tamweel Emirates officially inaugurated business operations in Egypt, with a bullish outlook on the country’s booming mortgage finance market.
The company has an authorized capital of LE 500 million.
Ahmad Abouzeid, CEO of Tamweel Emirates, added, “The last two years have witnessed a massive growth in real estate investment and development [in Egypt], and there is still a need for a variety of services offered to investors to meet their growing needs and demands.
“This is what Tamweel Emirates will provide through a unique set of mortgage solutions and services.which will undoubtedly lead to the growth of the Egyptian real estate market and ultimately have a direct positive impact on the Egyptian economy.
Wholly owned by Tamweel Holdings, headquartered in Dubai and considered the largest mortgage finance company in UAE, Tamweel was recently named Best Mortgage/Home Finance House in the Middle East region at the Banker Middle East Industry Awards.
Osama Saleh, chairman of Egypt’s Mortgage Finance Authority, said, “Tamweel enters into the Egyptian market [with] years of experience and unique services to would-be Egyptian homeowners.
“We expect the mortgage market in Egypt to grow significantly, and as the market expands we expect increased competition, which is ultimately beneficial to real estate investors including low- and middle-income prospective buyers.
Sanjay Sharma, CEO of Tamweel International, said, “In view of what the group has accomplished since 2004 when Tamweel first started, and in keeping with its strategy to expand regionally in the coming period, it was our decision to commence this expansion first into Egypt. The recent growth in the Egyptian real estate market was also a large factor in reaching this decision.
