Abu Dhabi, 13th April 2008: Following the final regulatory approvals of the UAE Central Bank and the UAE Ministry of Economy and Planning, His Highness Sheikh Tahnoon Bin Zayed Al Nahayan, has inaugurated the Head Office and main branch of Reem Finance, a new financing company in Abu Dhabi with a paid up capital of AED 400 million.
The Board of Directors of Reem Finance, Mr. Khalil Al Foulathi (Chairman), Hafsa Al Ulama (Deputy Chairman), Ahmed Hareb Al Falahi, Jassim Al Seddiqui and Huda Abdullah, together with Mr. Nicholas Lehmann, CEO of Reem Finance, accompanied His Highness Sheikh Tahnoon on a tour of the Head Office to view the various sections of the company. During the tour, the Chairman and CEO outlined the business model of the company to His Highness and gave notice of its plan to open new branches around the UAE before the end of the year.
It was noted that Reem Finance will initially commence operations with consumer finance, asset finance, corporate financing, commercial real estate, advisory and structuring then extend its services to include Islamic Financing. "Our vision is to become a significant player in both the UAE and the region; we see great potential for a focused financing business to prosper, especially with the market's rising demand. Our future offerings will include end user mortgages where we may support or complement parallel bank finance or where we are a partner in a property development," said Mr. Nicholas Lehmann, CEO of Reem Finance.
"We are fortunate that Abu Dhabi is our home base, and therefore the location of our first branch, so we are able to fully participate in the major development the capital city is witnessing. With construction activities continuously gaining momentum for the past few years on the 2030 plan, the Emirates capital is ready for a major transformation in the near future. As part of our committed approach we have encouraged UAE National employment at all levels in the organization. The UAE nationals working in the company has already exceeded 20% of the total company’s work force..” added Mr. Lehmann.
Mr. Lehmann explained that the real estate sector in the UAE, particularly Dubai, has seen phenomenal growth over the last few years and was broadening in terms of international appeal and demand much earlier than observers expected. Recent studies indicate that Abu Dhabi’s share of the UAE mortgage market will grow steadily, reaching 40 per cent within five years. Reem Finance will over time develop relationships with all the major developers which operate in the UAE property markets but will offer particular expertise and inside knowledge of the Abu Dhabi property market.
"With the region demonstrating a rise in demand for innovative financial solutions, Reem Finance is determined to reach significant market share in our chosen markets in the first 2 years of operations." concluded Mr. Lehmann. The Company's strategy will mainly focus on building long term relationships with clients based on value and trust offering specialist asset financing, real estate development finance, finance for business and niche consumer products.
About Reem Finance
www.rf.ae
Reem Finance is an Abu Dhabi headquartered finance company established in February 2008 as a financial institution providing financial services for businesses and individuals. The company is licensed and regulated by the Central Bank of the UAE.
Reem Finance has been established as a joint stock company with an authorized capital of AED 400 million by leading business groups in the UAE.
Reem Finance prides itself on offering fresh thinking and creative approach to finance. From the moment the customer makes an enquiry through the delivery of the agreed product, Reem Finance believes that the process should be as simple and stress free as possible. The company provides a wide range of innovative products and services both standardized and structured, that meet financial needs of individual and corporate.
The impressive Heads office is based in Al Bateen, Abu Dhabi, and reflects the company's commitment to quality. Customer service hours are between 8:00 am and 5:00 pm, Sunday to Thursday but corporate customers will have access to an out of hours service.
The latest in financial technology has been employed with the Nucleus FinnOne banking software being implanted across all products. From the start the company agreed a proactive Emiratisation policy and training policy with over 20% of the workforce being UAE Nationals.
