The Dubai Metals and Commodities Centre (DMCC) has announced an exclusive partnership with the real estate finance company-Tamweel. The new relationship carries strong synergies that will exclusively benefit members of DMCC seeking finance for purchase of property within the DMCC free zone.
Since its establishment in March 2004, Tamweel has signed several key alliances with leading real estate developers such as Nakheel, Emaar, Jumeirah Beach Residence, Dubai Properties & other trustworthy private Developers.
The first of its kind partnership with DMCC is Tamweel’s latest initiative offering finance for commercial property in Dubai.
Existing and potential DMCC member companies can now avail of Tamweel’s broad range of products and services including fixed and flexible profit rates, five day turnaround time and financing of up to five million Dirhams.
Resident companies of DMCC benefit from a highly attractive business regime under the free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.
David Rutledge, Acting Chief Executive Officer of DMCC, said: “We constantly strive to provide additional incentives and value to our customers. The partnership with Tamweel will allow commodities businesses to purchase their freehold commercial premises with ease. DMCC currently has three prestigious office towers under development, the Almas Tower, the Au Tower, and the Ag Tower. Tamweel is known for its innovative products, high service standards and professionalism and we are proud to be associated with the most trusted source of financing in the country.”
Announcing the partnership, Tamweel’s Chief Executive Officer, Adel Al Shirawi, said: “This is an important step for Tamweel as we grow to become the most admired finance provider by customers buying properties in Dubai. We are very proud to have signed this agreement with DMCC, which promises to deliver world-class commercial properties.”
Tamweel recently launched the first-ever Sharia compliant adjustable repayment mortgage, Yusr, that has the advantage of lower monthly installments accruing from the lower profit rate during initial years. This allows investors to buy a larger property for the same installment.
Within a remarkably short timeframe, Tamweel has created a trusted brand with a strong reputation in the marketplace. While the real estate sector has benefited from its range of mortgage and consumer finance products, its reputation has been built on fast turnaround time and personalized customer service.
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