The Jordanian company for Real Estate Development "TAMEER" issued 25% of its capital, the equivalent of JD53 million to the public through public placement, at JD1.- per share without increase. The decision to register the company's full capital, amounting 212 million shares of which 75% (or 159 million shares) are owned by the founding partners, has come with the full approval of the Jordan Securities Commission.
The private placement will commence on the 28th February 2006 and end on the 13th March, 2006 and will amount to the placement of 250 shares. The private placement is being managed by the Jordan Kuwait Bank which is allowing individuals across the Kingdom to participate through any of their branches.
Eng. Khaled Al Dahleh, Vice Chairman of the Commission, stated "The idea behind the creation of the Jordanian Real Estate Development Company "TAMEER" came after thorough market research undertaken by an expert firm. The research concluded that Jordanians are in need of 35,000 housing units targeting various income levels and that this need will increase as housing loans are spread over longer periods thus reducing installment payments. This will reflect positively on the purchasing capacity of the individual and hence increase demand."
Tameer aims to develop several residential and tourism projects, as well as commercial and industrial areas across the Kingdom, thus catering to the demands and needs of the different slices of society and improving the overall quality of life. Tameer's strategic plan to ensure the low cost of residential units comes from investing in construction supplies in the industrial sector resulting in lower development costs. This has been coupled with the establishment of the 'Real Estate Loan Company' whose ultimate goal is to provide long-term loan facilitation for potential residents. This will ultimately decrease installments enabling those with limited income to own the appropriate housing unit.
Eng. Dahleh also pointed out that investors in Tameer comprise organizations, companies and individuals from Jordan and the region. 36%, the largest share holding, is owned by United Arab Investors Ltd.; followed by Al Qabas for Financial Investment with 20% and the Social Security Corporation with 5.4%. This is a unique partnership with wealthy and able institutions which will equip them with the right elements to undertake large-scale state-of-the-art projects that will be suitable to the various demands of the Jordanian market.
Moreover, Eng. Dahleh reaffirmed that the issuance of 25% of the company shares for private placement in the Amman Stock Market this year allows Jordanian citizens of differing financial backgrounds, a unique opportunity invest in TAMEER and become part of this national project. This reflects on the company's policy of providing a high return on investments as well as introducing projects which actually serve the assorted residential needs in Jordan. In addition, TAMEER, aims to improve the quality of life for Jordanians through providing job opportunities via the projects, comfortable living standards and creating ideal residences. The PPM also aims to widen the investor base and to become partners in this pioneering project that aims to create local communities rich in synergy.