Tamweel has financed property worth Dh 1.7 billion in its very first year. It has also exceeded its 10-month operational sales forecast by nearly 20%, becoming the region’s first financial institution to achieve a positive net profit in less than 10 months of its operations.
Looking ahead to the coming fiscal year with great optimism, Tamweel’s Chairman, Khaled Al Kamda said, “Tamweel’s phenomenal performance in the very first year of its operations reflects the fact that it has successfully addressed a core need in the property market by offering a range of innovative products and implementing distinct service strategies. Tamweel is a growth-driven organization, and this year we aim to surpass the previous year’s performance. Having set the benchmark in this sector, we are confident of reaching greater heights in the coming year.”
Nearly 41% of Tamweel’s clients are of Arab nationality, of which 17 % are UAE nationals. 22% of the portfolio consists of Europeans and 29% are Asians. The remaining 8% comprises of other nationalities.
Tamweel CEO, Adel Al Shirawi added, “In 2004, Tamweel crossed the AED 1.7 Billion mark and also recorded a positive net profit in ten months of its business operations; this is a first to be recorded in the history of a financing organization, regionally. Tamweel is a well-planned organization and we are executing as per plan. We are focused on providing the best financial services at the right price - all of this has to be attributed to our staff’s dedication and their belief in Tamweel’s Core Values.”
In November of last year, Tamweel launched its own apartment tower which sold out in just two days. This tower will house Tamweel’s headquarters once construction is complete. Tamweel has also formed alliances with a host of developers and real estate agents and has its own panel of approved developers.
Tamweel’s strategic alliances with Nakheel, Emaar, Dubai Properties, Deyaar and other leading developers also attracted numerous international clients who have bought prime properties at The Palm, The Meadows, Jumeirah Beach Residence, and many more. In fact, the company’s growing client base necessitated the opening of a new Sales and Service branch on Sheikh Zayed Road, next to the Emirates Mall, which is incidentally located closer to the newer residential property areas. The company is actively looking at expanding its current operations to enable servicing of the growing demand in the property sector.
Tamweel was established in March 2004. The company brings together the legacy of two great organizations - Dubai Islamic Bank, the first Islamic Bank in the world, and Istithmar, which is part of the corporate group (including the Dubai Ports, Customs and Free Zone Corporation, Nakheel, Dubai Metals and Commodities Centre and Tejari).
